Slow US Economy Highlights Growing Opportunities in the American Muslim Consumers Market
The 2nd American Muslim Consumer Conference (AMCC) will be held at the Hyatt Regency, New Brunswick, NJ on Saturday, October 30th 2010. http://americanmuslimconsumer.com
New Brunswick, NJ September 16th 2010 – According to Zogby International, there are approximately 7 million American Muslims living in the United States, with an estimated buying power of 170 billion dollars. The American Muslim Consumer Conference focuses on promoting dialog and raising awareness of this multicultural niche where many mainstream companies are now seeing a growing opportunity.
According to a recent interview on CNBC's Street Signs titled "Muslims & Their Money", Mostapha Saout, CEO of Allied Media Corp., highlighted why big business should focus their attention on the American Muslim Market. The Muslim demographic is relatively younger with 89.3% below the age of 50 versus 45.2 for the general population. They are also well educated with 77.9% having a Bachelor’s degree or higher as opposed to 43.7% for everyone else. This translates to a very affluent niche market with 44% of American Muslims earning $75K or higher.
There are several companies globally who are starting to take notice of this untapped market with abundant opportunities across all industries such as the financial sector, food, fashion and even Hollywood. Ogilvy & Mather, a leading international advertising, marketing and public relations agency, has launched Ogilvy Noor (http://www.ogilvynoor.com ) as the world’s first marketing consultancy service focused on Islamic branding practices.
John Goodman, Ogilvy & Mather's regional director for South and Southeast Asia puts it into perspective: "It's like being in 1990 and telling people that China doesn’t matter. Twenty years ago you might have said that, but now you’re being foolish."
Miles Young, CEO of Ogilvy & Mather Worldwide will be the keynote speaker at the 2nd Annual American Muslim Conference. He stresses the strategic value of the Muslim Consumer - "A market of 1.8 billion people that has scarcely been tapped; Muslim consumers offer enormous potential to businesses around the world - but only if their values are fully understood."
To receive more information on the 2nd Annual American Muslim Consumer Conference, visit http://americanmuslimconsumer.com.
The American Muslim Consumer Conference provides the only platform for industry professionals to examine this potent market sector and explore its rich potential. It effectively raises awareness of Muslim consumers and their buying power allowing the market to gain visibility in mainstream media and the advertising industry and in-turn influence companies in developing products for Muslims.