Image Credits: Dawn
Every year Eid-ul Fitr generates a tremendous sales revenue at least on a relative scale compared to other festivities, however, this year sales plummeted heavily and traders have been on a low.
Prior to Eid, economic indicators have worsened in terms of higher discount rates, no or expensive imports, massive rupee depreciation against the dollar and inflation hike. All of these factors coupled with a stagnant economy resulted in a rather heavy loss for the traders.
As reported earlier by Dawn, traders claimed that many of their customers returned empty-handed upon hearing prices of various commodities, Eid clothing, jewelry and etc. It is quite evident that low sales have resulted in no official figures, which would have only worsened the situation.
“How can people buy local goods whose prices have gone up by 30-35pc from last year, followed by up to 50pc rise in imported items?” questioned Razzaq Babar from APATL (All Pakistan Anjuman Tajiran Lahore) in a quote to Dawn.
While from the biggest metropolis of the country, Atiq Mir from All Karachi Tajir Etihad Chairman in a quote to Dawn was of the view that despite the influx of customers, many of them were only involved in Window Shopping. Mir partially blamed the traders for an extravagant price hike.
One of the major Eid product being earings, both artificial and original experienced an exorbitant hike in prices due to the rupee depreciation. Dawn reported a bangle seller from Anarkali Bazaar, who was of the view that 10-20 pc increase in prices leads to a 30-40pc reduction in sales.
The worsened economic situation seems prevalent across the country where traders have expressed ample disregard towards the incumbent government`s policies.