The Reach For Muslim Millennials
The global Halal industry is one of the fastest growing consumer segments in the world. Halal is no longer exclusive to the food sector but has also include pharmaceuticals, cosmetics, health products and medical devices as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing. As with more affluent Muslims coming into the scene, lifestyle offerings such as Halal travel, hospitality services and of course fashion, indicates the further expansion of the industry. The Muslim consumer is probably one of the most diverse groups out there and it is only growing larger.
The catalyst for the surprising and steady development is the change in the mind set of Muslim consumers, they are well aware of their faith based-needs as well as the notion that Halal is a way of life that covers all daily aspects. But worldwide ethical consumer trends are another factor, travelling to faraway places is no longer an impossible feat until several years ago. So, there is the Muslim world and there are trends, but who gets the word out to the masses?
The Internet and social media has been a powerful booster to globalization and the drive behind that are the millennials, whose constant presence in the virtual world will only encourage them to share or viral information to others. But to another extend, millennials role in the development of Islamic Economy is critical given the young global demographic of Muslims. Muslims are the youngest (median age of 23 years old in 2010) of all major religious groups world-wide, seven years younger than the median age of non-Muslims. By 2030, 29 percent of the global young population (15-29) is projected to be Muslim. (Source: Thomson Reuters)
A survey by the Tabah Foundation, a foresight research unit based in Abu Dhabi partnered with Zogby Research Services, discovered that the majority of Muslim millennials find it important to be known by their Muslim identity and take pride in it. Perhaps with all the misconceptions of being a Muslim in this era, the younger generation feel the responsibility to clarify any scrutiny. In fact, most Muslim millennials includes a member of a different faith within their inner circle of friends.
Findings also include their view that religion is not the reason for social, political and financial decline around the world, especially in Arab regions. Rather, they feel religion will play a key role in creating a better future. Certainly, the millennials are very much optimistic of the future they will inherit.
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