With Ramadan around the corner, millions of UK Muslims have begun planning for the religious tradition and subsequently, many brands and advertisers have brought forth campaigns putting the spotlight on their Ramadan offerings.
However, according to a survey from Nano Interactive, almost half (48%) of UK Muslims say that the cost of living crisis has already impacted their Ramadan and Eid preparations, with 45% expecting to work more hours to offset rising living costs.
In a quick response to the changing sentiment, Asda recently announced the launch of 150 new product lines to help customers get Ramadan-ready, with an emphasis on deals in an attempt to show sensitivity of people’s budget restrictions.
Artiom Enkov, Head of Insights and Analytics at Nano Interactive, said: “Ramadan and Eid are hugely important moments for millions of people across the UK, but with spending habits set to change again this year, it’s important for advertisers to be sensitive to consumers with reduced budgets and evaluate the true intent behind the context.”
Despite predicted cutbacks in spending, the survey found that there is still scope for brands to launch successful Ramadan initiatives, with 24% of British Muslims open to trying new brands and products this Holy Month.
Less than half (44%) of UK Muslims would describe themselves as brand loyalists, while 31% say that they spend time looking for the best deals before purchasing in order to get the most value for money.
Where will the spending cutbacks occur?
Nano Interactive’s data suggests its survey has identified how people’s spending habits around this year’s Ramadan will change.
Iftar, the evening meal signifying the end of the daily fast, will involve less eating out and more cooking at home for 41% of respondents. 42% of those surveyed also expect to spend less than £30 per person on Eid gifts – 61% said this is much less than what was spent last year.
One of the biggest shifts is predicted to come in terms of UK Muslims’ grocery shopping habits, with 34% having chosen to save on groceries by purchasing less and 40% turning to budget friendly grocers such as Lidl (44%) and Aldi (46%) for their Ramadan and Eid shopping.
The predicted changes around Ramadan represent the broader need for brands and advertisers to remain conscious of the influence the cost of living crisis is having on consumers and recognise that no subsection will be free from change.