Inflation results in business decline during Eid-ul-Fitr: Atiq Mir

Karachi: Traders in Karachi have termed the Eid-ul-Fitr season of 2024 as the most disappointing year in the city’s 75-year history, blaming the rocketry inflation for a significant decline in their business,  ARY News reported.

Chairman of the All Karachi Tajir Ittehad Atiq Mir said that despite the bustling market activity, the level of shopping remained limited to a mere 40 percent of what was anticipated.

He said that Eid-ul-Fitr season 2024 remained more ‘disappointing’ for the traders as compared to the previous year.

Atiq Mir highlighted that Karachi, being the largest city in the country, witnessed immense difficulty for millions of people in purchasing new clothes for the festive occasion.

The All Karachi Tajir Ittehad chairman revealed that city traders were able to conduct business worth Rs 15 to 18 with a significant decrease from the previous year’s business of more than Rs 20 billion.

“Warehouses are reported to have accumulated 70 percent of the stock for sale on Eid-ul-Fitr,” Atiq Mir added.

He said that 90 percent of buyers were interested in buying cheap goods. He was of the view that 80 percent of purchases were made for women’s and children’s clothes and shoes.

Atiq Mir said that the purchasing power of buyers has been severely impacted by the alarming inflation rates, causing a significant decline in sales.

“The relentless inflation has taken a toll on the happiness of the people, casting a shadow over the festive season. Both big and small markets in Karachi kept eagerly awaiting buyers, hoping for a much-needed boost in business,” he added.

“As a result of these economic hardships, businessmen are finding it increasingly difficult to meet their business and household expenses,” Atiq Mir said