Publish Date: in Finance Today
Ramadan lasts for a month, and during that time, Muslims’ daily lives differ greatly in the Middle East and beyond. In countries that are predominantly Muslims, the work day is shortened, and people focus more on family time. That is why studies of consumer behavior during the Holy Month have shown drastic changes in consumer customs and spending.
Most studies have shown an increase in spending, especially on food, and usually that is because of the increased numbers of get-togethers. In addition, usually people donate food to the less fortunate during the holy month.
Search engines have noted a spike in their usage during Ramadan. People tend to also spend a greater amount of time on social media websites to connect with family and friends. In addition, people tend to surf the web due to boredom or to pass the time. Hence, companies tend to push more advertisements during the holy month to get to their customers.
Most studies have shown an increase in spending...during the holy month.
Consumers during the holy month tend to not want to travel far. They prefer anything that is near to them, and it might be because of the shortened work days, which forces people to reconsider lengthy errands. Research also attributes this behavior to the decreased energy due to fasting.
During Ramadan, consumers tend to appreciate good service and products more, circling back to quality and recommending them to others. That is why Ramadan is considered prime time for companies, especially those in the food industry, to expand their customer base.
Beyond food, people tend to spend a lot of time shopping to pass the time. That is why tech companies have found an increase in shopping app downloads during the holy month.