Mansoor Sadiq

Traders from all over Pakistan have termed this year’s Eid sales the worst in the country’s history amidst the current economic recession. Barely, 40 percent of people managed to make purchases this year compared with the previous year, reports WealthPK. In spite of the usual hustle and bustle in the markets on the eve of Eid and during the last ten days of the holy month of Ramadan, all major outlets and leading brands of clothing, apparel and cosmetics missed their sales targets owing to the shrinking purchasing power of the people and increasing unemployment mainly due to the closure of major industries in the country.

Import restrictions and currency devaluations among many other factors led to the shutdown of a big number of large-scale manufacturing units and industries all over the country. According to Ateeq Mir, Chairman of Karachi Traders' Union, owing to the ongoing political crisis and backbreaking inflation, this year’s Eid sale season was the worst. He said rising inflation, limited income, burgeoning unemployment and inflated utility bills had ruined the Eid festivities. The sales this year are estimated to be less than Rs20 billion. Traders have termed the current year the worst in the country’s 75-year history.

According to the managements of various brands and outlets, more than half of the Eid stocks remained unsold in Karachi, Lahore and Islamabad. Atiq Mir said buyers were interested in cheap goods while a vast majority of consumers avoided visiting the outlets of international brands. ‘’Owing to the ongoing politico-economic crisis, traders are now reluctant to buy more stocks. They are also finding it difficult to meet their business and household expenses and make payments for the borrowed goods,’’ Atiq Mir added.

Talking to WealthPK, Asim Kayani, Branch Manager at the Rawalpindi-based ‘Khaddi’, one of the famous clothing brands, said record inflation dampened the festive mood, as the Eid sales dropped by 40 percent. ‘’On the eve of Eid, the Commercial and Sadar Markets in Rawalpindi swelled with people but real buyers were fewer. The wholesale and retail sales have dropped significantly this year compared to the last year. The wholesale clothing sales witnessed 30-40 percent decline, while the retail sales fell by 30-35 percent this Eid season,’’ Asim said. He said customers used to benefit from 30-40 percent grand sales offered by the leading clothing outlets but this year almost all brands were facing losses as huge stocks remained unsold.

Credit : Independent News Pakistan-WealthPk