56% of Muslims consumers said they would increase their spending for the holiday. However, consumers are aware of the effects of high demand on prices, and utilize their shopping budget in strategic ways when Ramadan approaches. According to the survey, most people prefer purchasing required items just prior to the beginning of Ramadan. This allows them to benefit from available discounts or special offers and make the most out of their shopping budget.
Beyond its religious significance, Ramadan is also a time of reflection, self-discovery, and community-building among fellow believers. According to TGM Ramadan Global Survey 2023, an overwhelming majority of 98% believe that observing the holy month of Ramadan helps them become more disciplined and find the willpower to carry out their commitments. Such powerful sentiment is linked to Ramadan's many spiritual undertones, with around 70% of people polled reporting their intention to increase worship and charitable giving.
“This interweaving of personal sacrifice with altruism serves as a powerful sentiment that defines Ramadan's profound spiritual purpose overall. It offers everyone, regardless of background, an opportunity to come together with shared values and unity,” says Greg Laski, CEO of TGM Research. “The spirit is emphatically illustrated in our report, with charity donations being the most chosen category people plan to spend on this Ramadan.”