AGL 23.81 Decreased By ▼ -0.54 (-2.22%)
AIRLINK 103.60 Increased By ▲ 0.60 (0.58%)
BOP 5.66 Decreased By ▼ -0.05 (-0.88%)
CNERGY 3.93 Decreased By ▼ -0.03 (-0.76%)
DCL 8.36 Decreased By ▼ -0.14 (-1.65%)
DFML 41.70 Decreased By ▼ -1.29 (-3%)
DGKC 88.30 Decreased By ▼ -0.60 (-0.67%)
FCCL 22.70 No Change ▼ 0.00 (0%)
FFBL 40.88 Increased By ▲ 2.68 (7.02%)
FFL 8.96 Decreased By ▼ -0.15 (-1.65%)
HUBC 160.49 Decreased By ▼ -3.21 (-1.96%)
HUMNL 11.46 Decreased By ▼ -0.34 (-2.88%)
KEL 4.82 Decreased By ▼ -0.03 (-0.62%)
KOSM 4.09 Decreased By ▼ -0.04 (-0.97%)
MLCF 38.60 Increased By ▲ 0.19 (0.49%)
NBP 53.60 Increased By ▲ 0.75 (1.42%)
OGDC 130.60 Decreased By ▼ -2.29 (-1.72%)
PAEL 25.36 Decreased By ▼ -0.29 (-1.13%)
PIBTL 6.25 Decreased By ▼ -0.13 (-2.04%)
PPL 118.90 Decreased By ▼ -0.60 (-0.5%)
PRL 23.95 Decreased By ▼ -0.65 (-2.64%)
PTC 12.92 Increased By ▲ 0.28 (2.22%)
SEARL 59.11 Decreased By ▼ -0.49 (-0.82%)
TELE 7.43 Decreased By ▼ -0.06 (-0.8%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 8.72 Decreased By ▼ -0.13 (-1.47%)
TREET 15.90 Increased By ▲ 0.10 (0.63%)
TRG 55.95 Decreased By ▼ -1.95 (-3.37%)
UNITY 34.95 Increased By ▲ 0.06 (0.17%)
WTL 1.20 Decreased By ▼ -0.02 (-1.64%)
BR100 8,536 Decreased By -8.5 (-0.1%)
BR30 27,187 Decreased By -204 (-0.74%)
KSE100 79,944 Decreased By -48.3 (-0.06%)
KSE30 25,500 Decreased By -43.9 (-0.17%)

Mohammad Rizwan, a vendor selling children and women’s clothing off a side street from the main Tariq Road in Pakistan’s biggest city, is currently ruing his sales figure during what traditionally has been a bumper holiday. This year, he and his fellow merchants are, however, disappointed, to say the least.

“A shopkeeper who used to sell Rs100,000 worth of clothes in a day prior to Eid is now only able to sell Rs25,000 worth of clothes,” Rizwan told Business Recorder.

“Almost everyone in this market is experiencing around one-fourth of the sales compared to previous years.”

High inflation badly hits Eid shopping

Atiq Mir, Chairman of All Karachi Tajir Ittehad, corroborated this trend, stating that Karachi is witnessing its lowest Eid season sales in years.

“In 2015, total Eid sales in Karachi were approximately Rs70 billion. This figure has gradually reduced every year since then. We estimate that it now stands at just Rs16-17 billion this year, the lowest since we started tracking Eid sales,” Mir explained.

He added that overall sales have dropped around 30%-40% this year compared to the previous year. “A family of five is choosing to buy a dress only for the youngest member of the family this year.”

Mir attributed this decline primarily to skyrocketing inflation, which has significantly reduced the purchasing power of the average household.

“I personally know families who haven’t had meat for six months. Life is becoming increasingly difficult,” he lamented.

Eid rush hits shopping malls; modest sales witnessed

When Mohammad Rizwan was asked about the large number of people in the market, he explained, “They are just out to enjoy, do some window shopping, and have a burger or cold drink. But not more than that.”

Pakistan’s economy has been on a rocky path, and even flirted with default fears in 2022-23. Concerns were raised on its debt profile with many onlookers stressing the desperate need for structural reforms.

However, a last-minute $3-billion bailout with the International Monetary Fund (IMF) not only helped avert a balance-of-payments crisis, but also took the economy on the path to a reforms’ agenda that saw it raise energy tariffs, and make attempts at privatising loss-making state-owned entities.

Still, average inflation for the first nine months of the ongoing fiscal year has stood valiantly at around 27%, and GDP growth has only clocked in at a mere 1% during the October-December quarter of 2023.

Comments

200 characters
Ash Chak Apr 10, 2024 06:34am
But, but, but….the SIFC said we are doing well.
thumb_up Recommended (0) reply Reply
Nasir Apr 10, 2024 11:38am
Nice
thumb_up Recommended (0) reply Reply
Nasir Apr 10, 2024 11:38am
Nice to best see you
thumb_up Recommended (0) reply Reply