‘Eid shopping in Pakistan drops by over 70pc’ amid heavy inflation.
Inflationary pressures have cast a shadow over Eid shopping in Pakistan, severely impacting the purchasing ability of citizens and leading to a significant drop in retail sales.
The All Karachi Tajir Ittehad (AKTI) reported a staggering 70% decline in Eidul Fitr sales in Karachi, the country’s financial capital, attributing this sharp drop to the persistent rise in inflation and deteriorating law and order conditions.
Sales Plunge Amid Economic Downturn
Chairman Atiq Mir of AKTI highlighted the challenges faced by retailers during Ramadan 2024, with total earnings amounting to only Rs18 billion.
Also read: Exciting lineup of films for Eidul Fitr 2024 in Pakistani cinemas
Mir underscored that despite a slight moderation in inflation, consumers remained reluctant to make new purchases, reflecting broader economic anxieties.
Impact on Consumer Behavior
The record surge in food inflation has compelled even affluent individuals to adjust their spending habits to accommodate escalating prices.
This economic strain has been felt across various cities, with bustling markets catering to middle and lower-middle-class shoppers witnessing a decline in customer numbers.
National Economic Slowdown
As ‘Eid shopping in Pakistan drops by over 70pc’ amid heavy inflation, the downturn in consumer spending during Eid adds to the overall economic slowdown in Pakistan, which has encountered several challenges in recent years.
Also read: Inflation surges up by 1.35% during Ramadan, Burdening citizens
The combination of inflationary pressures and security concerns has contributed to a notable contraction in retail activity, posing significant hurdles for the country’s economic recovery.
