(Part of the full ‘State of the Global Islamic Economy Report 2013‘)
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Following the growing prominence of Halal food and Islamic finance, the global tourism industry is slowly realizing the opportunity in addressing large and growing Muslim consumers unique travel related needs. Worldwide global brands such as RitzCarlton, destinations such as Queensland, Australia, and top international airlines such as Thai and others are already starting to address this opportunity.
This Report estimates global Muslim spending on travel (outbound) to be $137 billion in 2012 (excluding Hajj and Ummrah)1. This expenditure is expected to grow to $181 billion market by 2018. This market is 12.5 % of global expenditure.
Regionally, GCC country based tourists (in order: Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain) are the largest in terms of expenditure representing 31% of the total Muslim travel expenditure. This is a significant concentration given the GCC population is approximately 3% of the global Muslim population. The other top regions are MENA (except for GCC) with a 25% share, East/South East Asia with 12% share and then Western Europe with 11%. It may be a surprise that Western Europe based Muslims tourism expenditure was significant $14.7 billion. Comparatively, the collective global Muslim tourism market is larger than the largest tourist source country of United States.
- Key challenges & specific opportunities
- Convergence opportunities among Islamic economy sectors
- Innovation Imperative
- Centers of the Islamic Economy
- Strategy Frameworks & Checklists
1 Expenditure data Baselined from 2011 UNWTO data; International Monetary Fund. IMF Outlook 2012 Database for projections; Muslim market estimates based on DinarStandard Muslim market estimates and analysis