Dwindling purchasing power forced the customers to a comparatively lower buying for Eid, as traders on Monday estimated the grand sales season hardly fetched Rs 40 billion. Calling the seasonal sales 'unsatisfactory,' they said the weak national economy has widely restricted the buyers as major markets known for their huge trading just remained unattended. Traders said it was against their expectations as they had thought about Rs 60 billion sales this Eid.
The other key factor that kept buyers away from local traders is the new trend of online business and big shopping centres boosting their profits on such annual occasions. "Despite peace and stability in the city, businesses failed to scale up even on Eid," All Karachi Tajir Ittehad chairman, Atiq Mir, said.
The city on such a big festival, he said, has the potential to fetch at least Rs 100 billion, but, failed to show any growth indications. "This year like previous one, public made only Rs 40 billion shopping through local traditional markets," he said, adding that "the public also showed some signs of lowering purchasing power because of poor economic performance."
Atiq Mir noted that soaring fuel prices is the key reason for the public staying partially away from buying and they confined them to purchasing of essential Eid products especially clothing and shoes. He said some 80 percent of the total buying was made by women for themselves or children.
"The main shopping was readymade garments, shoes, imitation jewelry and such products while major markets that received sizeable costumers included Gul Plaza, Gold Market and big shopping malls," Atiq Mir said, lamenting the traffic police's negative attitude that, he said, badly hurt the buyers because their cars were lifted and they were imposed fines for parking vehicles.
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