Global Islamic economy: Muslims to spend 2.9% less on apparel and footwear in 2020 - study
What were the biggest developments in the global modest fashion and apparel industry in 2019-2020? The State of the Global Islamic Economy 2020/21 report from DinarStandard gives a detailed breakdown of the movements in the industry.
MARKET SIZE
- Muslims spent $277 billion on apparel and footwear in 2019, an increase of 4.2% from 2018.
- Iran, Turkey and Saudi Arabia are the top countries by expenditure.
- Muslim expenditure on apparel and footwear is set to drop by 2.9% in 2020 to $268 billion due to the COVID-19 pandemic.
- A recovery to 2019 levels is expected in 2021.
- Muslim expenditure on apparel and footwear forecasted to reach $311 billion by 2024.
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