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This interweaving of personal sacrifice with altruism serves as a powerful sentiment that defines Ramadan's profound spiritual purpose overall.
SINGAPORE, March 16, 2023 /24-7PressRelease/ -- TGM Research, a global, innovative, technology-driven market research company that specializes in global online data collection and innovative survey technology, has officially released TGM Ramadan Global Survey 2023. With data gathered from 14 countries across 3 continents, this survey aims to provide a holistic approach to public sentiment and behavior during the holy month.
This year, an estimated 97% of Muslims worldwide will take part in the celebration of Ramadan – one of the most important festivals in the Islamic faith. The upcoming holiday is expected to be a special occasion for many families and individuals as life returns to its 'normal' state, one that provides a sense of solace for those who have gone through difficult times due to the pandemic.
Summarised below are key insights from TGM's Ramadan Global Survey 2023:
This years' Ramadan will be more expensive for majority of consumer worldwide.
56% of Muslims consumers said they would increase their spending for the holiday. However, consumers are aware of the effects of high demand on prices, and utilize their shopping budget in strategic ways when Ramadan approaches. According to the survey, most people prefer purchasing required items just prior to the beginning of Ramadan. This allows them to benefit from available discounts or special offers and make the most out of their shopping budget.
Beyond its religious significance, Ramadan is also a time of reflection, self-discovery, and community-building among fellow believers. According to TGM Ramadan Global Survey 2023, an overwhelming majority of 98% believe that observing the holy month of Ramadan helps them become more disciplined and find the willpower to carry out their commitments. Such powerful sentiment is linked to Ramadan's many spiritual undertones, with around 70% of people polled reporting their intention to increase worship and charitable giving.
"This interweaving of personal sacrifice with altruism serves as a powerful sentiment that defines Ramadan's profound spiritual purpose overall. It offers everyone, regardless of background, an opportunity to come together with shared values and unity," says Greg Laski, CEO of TGM Research. "The spirit is emphatically illustrated in our report, with charity donations being the most chosen category people plan to spend on this Ramadan."
This Ramadan, convenience will be highly valued as consumers are shifting towards digitalized experiences.
As more than half of respondents reported allocating a higher budget for it this year, food shopping is sure to be busier than ever. Prepared meals have become increasingly popular in recent years, making it easier for busy families to enjoy big holiday meals without spending countless hours in the kitchen. Asian families appear to be the ones who are embracing this trend the most, with 26% choosing to order food outside rather than making them from scratch.
Brands with strong presence in the hearts of Muslim consumers
In the current marketplace, there is no one-size-fits-all approach for engaging with Muslim consumers. This community has unique cultural and religious beliefs that must be acknowledged. TGM's survey reveals that 82% of those who responded felt it was important for brands to make sure their products and offerings respected traditional Islamic values.
Coca Cola is an exemplary showcase of how to cultivate effective engagement with Muslim consumers on a global scale, with 8% of respondents citing it as the most Ramadan-associated brand. This success is attributed to its strong relationships with faith-driven consumers and its ability to provide content tailored to their culture and beliefs.
True well-being goes beyond one's own well-being, 76% planning to purchase health and wellness items this Ramadan
Considering the strong emphasis on showing kindness and compassion during Ramadan, it is no surprise that money going towards charity came up at the top with 88% in terms of people's choice for Ramadan spending. The rise in health consciousness of Muslim consumers has been well observed, as 76% plan to purchase health and wellness items. The trend towards healthier lifestyles among Muslim people is leading a market shift where companies in this sector can offer services tailored especially for them, meeting their dietary needs and religious requirements.
83% of Muslim shoppers prefer to buy from brands or stores that provide environmentally friendly options
The study highlights that Muslim consumers are increasingly aware of the environmental impact of their purchasing decisions. This is underlined in the study which shows that 83% of Muslim shoppers prefer to buy from brands or stores that provide environmentally friendly options for Ramadan-related products. For businesses, this means a renewed emphasis on sustainability and responsibility when it comes to product design and production, as well as supply chain management.
The full report is available here.
About TGM Research
TGM Research (TGM) is a technology-driven market research company that specializes in global online data collection and innovative survey technology. TGM provides agile insights for better decisions, using the most comprehensive Res-Tech spearheading the use of digital for better market research. TGM is a remote-first company with a team of 40+ members, having a presence on five continents.
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