Karachi traders expect a booming Rs60 billion Eid sales
KARACHI: The city traders are expecting to reach a sales target of Rs 60 billion from customers through Eid shopping.
In the last five years, highest sales of Rs70bn were witnessed in 2015 in Karachi.
According to reports, traders said so far sales have remained low in the daytime that is from 1 pm till iftar due to scorching heat. Markets witness a rise in sales after iftar.
Chairman All Karachi Tajir Itehad Atiq Mir referring to the sales target set at Rs 60 billion said that if a buyer does shopping worth Rs 2000 than the sales volume comes to Rs40bn keeping in view Karachi’s population of 20 million.
He said that if every person purchases goods worth Rs 5000 then the shopping revenue will reach to Rs 100 billion in Karachi.
Countrywide sales are expected at Rs400bn keeping in view spending of Rs2,000 by the population of 200 million while the figures would reach Rs1,000bn if Rs5,000 is spent by each person, he said.
“These are very conservative estimates as sales have yet to pick up pace especially in the evening due to the heatwave. Sales will definitely improve in the last 10 days of Ramazan,” he added.
Even though a big fraction of the citizens lives below the poverty line the Chairman still assures the sales volume will still run into billions.
People hailing from upper and upper-middle-class families spend Rs10, 000-15,000 per person. The average price of branded suits starts from Rs3, 000 to Rs12,000.