All businesses are looking for new ways to connect with their customers, but many are missing the mark when it comes to connecting with minorities, specifically Muslims. Research from direct advertising firm AccurateLeads found that marketers who don’t target minorities are losing out on a $3 trillion market.
With a population of almost 1.8 billion and growing, Muslim consumers currently make up around a quarter of the global population. With Muslim population growing at a faster rate than ever, businesses that want to succeed must tap into the Muslim market.
According to Thomson Reuters, global Muslim spending on travel (outbound) has increased 7.7% to reach $140 billion in 2013 (excluding Hajj and Umrah). This is 11.6% of the global travel expenditure and is expected to reach $238 billion by 2019.
One factor driving investment in halal-friendly products is largely because profit margins are high, perhaps even 30% higher than conventional comparable tourism, due to high demand and weak supply.
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