SHAFAQNA – The next big fashion trend is already here. Spending on high-end Shariah-compliant clothing by Muslims is surging, just as Islam is growing and on track to become the world’s largest religion by the middle of the century. Muslim consumers spent about $US266 billion on clothing in 2013, the latest year for which data is available, according to the State of the Global Islamic Economy 2014-2015 report commissioned by Thomson Reuters and Dinar Standard. They are expected to spend about $US484 billion by 2019, Reuters estimates. This growth will coincide with an explosion in the Muslim population from 1.6 billion to nearly 3 billion by 2050, the Pew Research Center recently estimated.
Turkey is the world’s largest consumer of Muslim clothing. Turks spent $US39.3 billion on the merchandise in 2013, according to Reuters. The U.A.E. was second with $US22.5 billion spent.
Those numbers will only climb as Muslims become more aware of the luxury fashions already ubiquitous in the Middle East.
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