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KARACHI: Amid rush of buyers in various bazaars of the city, market observers believe that sale of gifts, clothes and other Eid-related items this year on Eid eve is much better than last year, but trade associations have disputed this claim and said their sales have plunged by 15-25 per cent this year.
The observers are of the view that the main reason of rising number of buyers in markets this year is improved law and order situation as compared to last year, but trade bodies feel that the main reason of decline in sales this year is rising cost of living on the back of surging food inflation, utility bill charges, etc., which have squeezed the purchasing power of the people.
They said due to limited cash, many parents, having three to four children, opted for cheaper items.Traders said a lot of people had already purchased their Eid related items during June-July summer sales season. It is hard to gauge the actual presence of Eid buyers as many are purchasing clothes and other items for weddings and Valima receptions as there would be a post-Eid marriage season.
Traders usually give a rough sale estimate in terms of per centage in view of rush of buyers.
Traders avoid disclosing the actual sales figures as they fear harassment by the income tax officials in case they disclose a rosy sales picture.
If sales are really down this year owing to thin presence of buyers, it is strange why traders are opening their shops till late hours, working almost for 18 hours without any break, thus adding to their electricity expenses, said that a buyer at a Saddar market.
Many people purchase readymade shalwar kamiz and other un-stitched suits for their distribution among the needy, and Saddar’s Cooperative Market is the main hub of these items where people throng every year for the purpose, besides making regular purchases.
The prices of imported items have gone up after persistent devaluation of the rupee against the dollar.
In the previous Ramazan, a dollar was equal to Rs62-63 as compared to its current rate of Rs83-84. Inflation has also forced people to restrict their buying, and they are not making any extra purchases.
Director Al-Karam Textile Mills, Rafiq Ibrahim, said sales were down by 25 per cent this year as high food prices have hit the purchasing power of the people badly, forcing them to cut their expenses.
He claimed that since the entire industry was in the grip of recession, prices of clothes (ladies and gents shalwar kameez) have not increased this year.
Keeping in view the depressed sales, industry people kept their production of clothes low this year.
Abdul Samad Khan senior vice president of Saddar Alliance of Market Association said overall sale of items remained normal this year and there was some improvement in sales in the last 10 days.
Most of traders at the Hyderi market said they were unable to present an exact figure about any rise or fall of sales this year, but ‘sales remained normal this year as compared to last year.’
Hashim Poonawala, owner of Modern House departmental store in Saddar, said sales have plunged by 25 per cent as people are compelled to meet their daily food needs first, while many are sacrificing their wishes by purchasing cheaper items.
He said garments prices remained almost same and there was no major increase this year as compared to the previous year, but there is a jump of 15-20 per cent in the prices of children’s imported garments.
If the sale situation of markets of Karachi is taken into consideration, Hyderi and Bahadurabad markets excelled in sales, but their sales figures must have been depressive as compared to the previous year, he claimed. |
