The
question marketers are always interested in: how big is the market?
World Muslim populations. The Islamic fashion is particularly interesting
because of the huge Muslim population in the world. In 2010, 23.4% of the
world population or 1.6 billion people are Muslims. (For those of you who
may be confused, Islam is a religion, while Muslims are the people with Islamic
faith.) Islam is the second largest religion in the world, next to
Christianity. But based on the high birth rate of Muslims, it may become
the largest within this generation.
If we
divide the world into 5 regions, Asia Pacific has the largest population and
also the largest Muslim population, or over a billion Muslims, a 62% of the
world.
Muslims in ASEAN.
Everyone talks about the AEC (ASEAN Economic Community) coming in 2015 these
days. You look up the newspaper, there are at least two or three news or
seminars preparing us for the AEC. Among the 10 countries making up of
ASEAN, the total population in 2010 was 573 million, 40% of that, or 234
million, are Muslims. We really do not have to go very far to sell to
look for the market- just right outside our door steps.
Among the
ASEAN, the largest country Indonesia, out of 232 million people- 88% are
Muslims or 204 million. Thailand has less than 6% or 4 million Muslims,
that’s probably why this is not very obvious to most of us.
World
demand for Muslim fashion. If we only focus on the women’s side, we are talking
about at least 800 million people. And 40% that, or 320 million, is 25
years old and under- the spending group. The adult women, another 480
million, also have to buy their clothing somewhere. Well, for that
matter, the men have to wear something too. And their clothes are all covering,
a lot of yards of fabric per head consumption, I’d say.
World
market of Islam fashion. The
world Muslim fashion industry is estimated to be worth US$96 billion. This is based on the
assumption that half of the 1.6 billion Muslims each spend US$120 a year on
modest clothing. That’s around 3,600 THB a year or 300 THB a month.
That’s a very small estimate indeed. You can hardly buy a T-shirt with
that amount. So, I’d say it’s on the low side.
It was
estimated that in the UK with 1.5 million Muslims, Muslim fashion can be worth
between US$90 to 150 million a year. At that rate, the 16 million Muslims
in the EU, a potential clothing market can be valued at US$960 million to
US$1.5 billion a year.
ASEAN
market. For
the ASEAN market, if we are to estimate with the US$120 per year spending as
well, we can estimate it at US$48 billion
market right here in ASEAN.
Muslim
fashion in Thailand.
What about for our local market, how big is it? We can then estimate the
Thai market, using the US$120 per head per year for half of the population, to
be worth US$ 240 million a year or THB 7.2 billion a year.
Now is that big enough to get your attention? If so, stay
tuned for our next blog.
Reference:
The sharepoint: The "Muslim" Fashion Industry http://thepurplesharepoint.blogspot.com/2010/11/muslim-fashion-industry.html#ixzz1pemck9sh
Muslim fashion goes globalhttp://muslimvillage.com/2011/09/28/15152/muslim-fashion-goes-global/
