Traders in Karachi are expressing dismay over what they term as the most disappointing Eid-ul-Fitr season in the city’s 75-year history, attributing the dismal sales to skyrocketing inflation. Atiq Mir, Chairman of the All Karachi Tajir Ittehad, lamented that despite the bustling market activity, the level of shopping remained limited to a mere 40 percent of expectations. He emphasized that Eid-ul-Fitr 2024 was even more disappointing for traders compared to the previous year.
Mir highlighted the immense difficulty faced by millions of Karachi residents in purchasing new clothes for the festive occasion, citing the city’s status as the largest in the country. According to Mir, city traders managed to conduct business worth Rs 15 to 18 billion, significantly lower than the previous year’s figure of over Rs 20 billion. He revealed that warehouses were left with 70 percent of the stock meant for sale on Eid-ul-Fitr.
The chairman noted that 90 percent of buyers were seeking cheaper goods, with 80 percent of purchases focused on women’s and children’s clothing and shoes. Mir underscored the severe impact of inflation on the purchasing power of buyers, leading to a substantial decline in sales and casting a shadow over the festive season.
He added that both large and small markets in Karachi awaited buyers in hopes of a much-needed boost in business.
