Moonfolks has released the 5th edition of its Ramadan Whitepaper Series. Titled “Faith vs. Consumerism”.
Ramadan and Eid are cherished times in Indonesia, offering opportunities for spiritual growth, community celebration, and festive joy. However, navigating the complexities of faith and consumerism during this period can be challenging. Our Ramadan whitepaper explores this dynamic, offering insights for both individuals and brands.
The Search for Balance
Indonesians strive to uphold cherished traditions like charitable giving, self-reflection, and community gatherings. However, the festive spirit often coincides with a surge in consumerism, fuelled by sales, social media trends, and the desire to create a celebratory atmosphere. Finding a balance between upholding traditions, managing finances responsibly, and embracing modern trends is key to a fulfilling Ramadan experience.
Key Considerations
• Responsible Spending: While the THR bonus provides financial security, impulsive purchases and social obligations can strain budgets. Planning, prioritizing needs over wants, and mindful spending are crucial.
• Gifting with purpose: Social media can pressure people to showcase elaborate gifts. Finding the balance between meaningful giving and online validation is key.
• Health and Wellness: Ramadan encourages mindful eating habits, but the abundance of tempting treats can pose a challenge. Finding a balance between healthy choices and indulging in traditional delicacies is key.
• Home environment: Home decorations can create a prayerful atmosphere. Balancing DIY projects with trendy purchases and focusing on sustainability is important.
• Travel considerations: Mudik journeys remain central, but a trend towards less crowded and introspective travel experiences is emerging.
• Investing for the future: Traditional options like gold remain popular, while new investment avenues like cryptocurrency and NFTs are gaining traction. Informed decision-making and long-term planning are crucial.
By understanding these dynamics, both individuals and brands can navigate the complexities of Ramadan, fostering a more meaningful and fulfilling experience for all.
Anish Daryani, Founder, President Director and CEO, Moonfolks, said: “In the dynamic world we live in, each year, Ramadan is different, given the evolving socio-economic factors in Indonesia. Each edition of our whitepaper conveys a new insight about Ramadan. In 2024, as inflationary conditions compel Indonesians to prioritise their spends between needs and wants, ‘Faith’ becomes a convenient cushion for people to justify spending less. But an undercurrent of consumerism looms, with brands making it convenient for people to fuel their desires and aspirations with price-offs and offers. This paper helps brands find that balance, and is therefore essential for success in Ramadan 2024.”
Elki Hendria, Chief Strategy and Digital Officer, Moonfolks, who also co-authored the whitepaper, added: “Brands need to be relevant to the consumer pulse. Vibing with their feelings and emotions during Ramadan is the key to success. In ‘Faith vs. Consumerism’, we dive into quirks of various categories, backed by examples and best practices, to make brands make the most of Indonesia’s largest shopping spectacle we’ve come to know as Ramadan.”
