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Research taps into potential of Muslim consumers

United Arab Emirates: Sunday, November 23 - 2008 @ 12:52

The research was conducted in 10 predominantly Muslim countries; KSA, UAE, Malaysia, Pakistan, Indonesia, Jordan, Algeria, Egypt, Iran and Turkey. It uncovered many significant findings that would at least redirect communications within those markets.

Commenting on the objectives of the research, Roy Haddad, Chairman of JWT MENA, said: ‘The research mainly aimed at measuring how religious values intervene in every stage of the decision making process. It includes practical models and tools that diagnose and recommend optimal strategy accordingly.’

Gagan Bhalla, CEO of AMRB, said:

“Our research has helped to both identify common values, as well as demarcate differences in mindset across the Islamic world. In doing so, the research throws light upon emerging value segments within Islamic society and also dispels many widely held beliefs.”

The findings revealed themes that resonate across the Muslim world and showed that there is such a thing as a Muslim consumer, and that “Muslim” is indeed the key word. It also revealed insights on this booming, rapidly changing market.

‘Our research can help different kind of brands whether international, regional or local, identify ways and means to be adopted by the Muslim consumer,’ added Mr. Haddad.

‘From Indonesia to Egypt, there is a cohesive market defined by one common trait, Islam’, noted Michael Maedel, Worldwide President of JWT. ‘Arab and Islamic markets have witnessed rapid growth, and are becoming increasingly consumer-driven, offering huge potential for marketers. Currently estimated at $2.7 trillion, this market is expected to grow to a staggering $30 trillion by 2050’.

The study also unveiled significant mindset and attitudinal differences among 5 segments of Muslims: the Religious Conservatives, the New Age Muslims, the Social Conformists, the Pragmatic Strivers and the Liberals.

With a long and extensive track record in the MENA region, JWT prides itself on being a trustworthy source when it comes to Arab and Islamic cultures and traditions. It has been globally associated with anthropology and the study of consumer behavior, and has conducted several path breaking researches in this regard.

AMRB has been operating in the MENA region for close to a decade, and has a deep understanding of the social, cultural, political and economic factors impact the region’s consumers.

‘Islamic Markets are growing exponentially; the Muslim consumer is driving the change. And we know we cannot predict change; we are planning it instead,’ concluded Mr. Haddad.

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Sunday, November 23- 2008 @ 12:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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