Muslims observing Ramadan were reported to be worth at least £200m to the UK economy in 2017, as food and gift expenditure rose during the month-long religious observation.
According to the report published by Islamic brand consultants Ogilvy Noor entitled ‘The Great British Ramadan’ gift-giving is a “core ritual for Eid”, with 50% of women between 35-44 choosing to buy fashion items as Eid gifts.
The global Islamic economy, including modest fashion, is forecast to be worth more than £3 trillion by 2021, the State of the Global Islamic Economy Report suggests, and is growing at nearly double the rate of the general worldwide economy.
Supermarket chains Tesco, Sainsbury’s, Asda and Morrisons increased product marketing and special offers during Ramadan in areas with significant Muslim populations.
Ramadan this year runs from 15 May to 14 June. In June, Westfield London in White City is due to host its first Eid festival, which will include live catwalk shows, pop-up food stalls, special offers and performance, in an indication of the growing awareness of the opportunites of the Muslim market.
The festival promotional material said: “The Muslim pound is seen as a valuable and largely untapped opportunity in the UK economy.”