Ramadan 2018 / 1439 may have lead to spike in retail, travel and food sales
As many of the UK’s four million Muslims start to prepare for the event of Ramadan, new figures have emerged predicting huge economic growth within businesses that cater to an Islamic audiences.
According to new research by Thomson Reuters, brands are targeting their advertising and sales efforts towards Muslims during Ramadan which has led to a rise in spending on gifts, foods and other traditional items during this period.
It has been estimated that the “Ramadan Economy” is worth around £200m per year, which has prompted large retailers such as Tescos, Sainsburys and Asda to stock more seasonal items pertaining to the event.
It has been noted that there is also an increase in halal fast food sales during Ramadan, as tired consumers seek high calorie foods between Suhoor and Iftar to get them through the long day of fasting ahead.
As the UK market begins to understand the ever growing marketing opportunities presented by Ramadan, more and more brands will be enticed to embrace Islamic culture and create experiences tailored specifically to this demographic.
With local and international success on the cards of Halal businesses in 2018, could Ramadan lead to a spike in retail, travel and fast food sales the way that Christmas does? If so, we wonder what the overall impact on UK retailers will ultimately be?
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