A report by Mastercard and the Muslim travel website shows that by 2025, millennial Muslims – people aged 18 to 36 – will spend greater than $100 billion a yr on travel, almost twice as much as last yr. Halal tour– in accordance with Bloomberg. All age groups inside a given religion are expected to spend about thrice as much.
“This is definitely an overlooked segment that the broader travel industry should be looking at and preparing to meet,” said Douglas Quinby, an Atlanta-based travel analyst at research firm Phocuswright Inc. “There are certain countries whose population is predominantly Muslim, where they are growing very rapidly, and the population is increasingly middle class, and the demand for travel, both leisure tourism and pilgrimage travel, is growing quite significantly.”
The hottest travel destinations for millennial Muslims are Malaysia and Indonesia, countries where followers of this religion constitute nearly all of the population. However, other popular holiday destinations are Japan, Thailand and Australia, non-Muslim countries where tourism is a key driver of economic growth. Some are beginning to see the probabilities.
The variety of Muslim travelers abroad is predicted to extend to 156 million by 2020, partly as a result of the expansion of the faith’s population: by 2060, this number will reach almost 3 billion worldwide, a rise of 70%, in accordance with the report. in comparison with 2015. By 2030, almost one third of the world’s population aged 15-29 is predicted to be Muslim.
“The Muslim tourist market is growing rapidly as a highly profitable segment of modern tourism and will enter a peak earnings, spending and travel phase in the next five to 10 years,” said Fazal Bahardeen, CEO of HalalTrip.
Source: Bloomberg | Halaltrip.com
