Muslim Buying Power
Survey indicates increased demand for ethical Islamic goods
By Mahvish Irfan
The American Muslim Consumer Consortium (AMCC) held its fifth annual conference last weekend in Newark, NJ. Founded by Faisal Masood, this non-profit corporation aims to address the needs of American Muslim Consumers and empower companies developing products for this market. The sold-out conference featured 25 game-changing speakers, a bustling crowd of over 400 professionals, and a $10,000 prize awarded to the most promising entrepreneur, LaunchGood. The Halal Guys were also honored with the 2014 Multicultural Award.
The theme of the event, “Muslim Market: Global Perspectives,” created a perfect segue for the debut of the 2014 American Muslim Consumer Market Study. Produced by DinarStandard in partnership with AMCC, the study surveyed 973 American Muslims from every major ethnic and geographic segment in the U.S., paying special attention to their spending and consumption habits.
Iman Kouvalis, Senior Associate at DinarStandard, presented the findings, giving special attention to the major categories in the halal market including food, finance and education. From these categories as well as others, three facts were indisputably clear: the American Muslim demographic is growing fast; they are increasingly evolving into educated conscious consumers; and there is major profit opportunity for businesses ready to meet their demands.
The study reveals that the Islamic lifestyle economy is thriving, representing $2 trillion in consumption globally. In the United States, DinarStandard conservatively estimates that while the population of American Muslims is over five million, they garner $98 billion in disposable income.
In the halal food sector, the statistics are especially astonishing. Nationally, American Muslims’ estimated food and beverage consumption expenditure is $13 billion. Globally, the Muslim market is a staggering $1,008 billion, exceeding the total U.S. food and beverage market by $272 billion.
More impressively, industry leaders like Adnan Durrani, CEO and Founder of American Halal Co, Inc., are elevating the meaning of halal consumerism so that it evolves with the market’s shift towards “conscious consumerism.” In other words, American Muslims are no longer purchasing halal products just because they are labeled halal. Instead, they are searching for value, quality and proper Islamic practice.
(Courtesy: The Muslim Observer, Chicago)
Mahvish Irfan is a writer and recent graduate of Rutgers University, where she studied Religion, English and Professional Writing.