THE WHAT? Muslims spent some US$2.02 trillion across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors in 2019, according to the eight edition of the State of the Global Islamic Economy Report, a rise of 3.2 percent on 2018’s total.
THE DETAILS However, the pandemic caused an 8 percent drop in global Muslim spending, Instituto Halal says, but all sectors covered in the report save travel are expected to return to pre pandemic levels by the end of next year.
Muslim spend is forecast to reach US$2.4 trillion by 2024, at a 5-year CAGR of 3.1 percent.
THE WHY? The pandemic set off an unprecedented chain reaction of global economic disruption, Instituto Halal said, but the global Islamic economy is thriving amid the uncertainty with many players in the Islamic economy pivoting and some positively flourishing.