Leading data and analytics company GlobalData finds that retailers must focus on pricing ahead of Eid for young consumers impacted by the cost-of-living crisis.
Ramadan started on 23 March and is expected to end around 20 April. The Eid celebrations mark the end of the month of fasting.
GlobalData’s UK Consumer Views report reveals that 11% of consumers plan to celebrate Eid this year, with younger consumers being the most likely to do so.
24.4% of consumers aged 25-34 plan to celebrate Eid, followed by 20.8% of those aged 16-24 who also intend to celebrate.
However, the cost-of-living crisis will affect how UK consumers will celebrate Eid. This is particularly the case for young consumers with lower discretionary incomes.
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What can retailers do for consumers at Eid?
GlobalData finds that the occasion of Eid is still a relatively untapped market for major retailers. Religious occasions such as Eid and Diwali could provide great opportunities for retailers to boost their revenue and shopper engagement.
GlobalData retail analyst Jamel Boughedda commented: “Food and drink is the most popular category consumers usually buy for Eid, with 28.6% of shoppers who plan to celebrate Eid purchasing in this sector. Meanwhile, gifts and clothing sat in second and third place at 20.4% and 19.9% respectively.”
Boughedda adds that grocers are well placed to cater to this demand, so they should ensure they promote the occasion with targeted in-store ranges and curated product selections online.
Additionally, analysis shows that it is essential that retailers time any Eid-related promotions, marketing, and ranges correctly, as 34.8% of consumers purchase items just before Ramadan and 37.1% buy during Ramadan. Focusing on Eid during this period will help retailers better engage with their consumers and fully capitalise on the occasion.
Boughedda concluded: “Retailers’ propositions must resonate with their shoppers for them to prosper. As there are over three million Muslims in the UK, major retailers should focus on Eid, as this represents a fairly untapped market.”
GlobalData’s monthly consumer survey of 2000 nationally representative UK shoppers was conducted in March 2023.