Traders in Karachi term 2024 Eid-ul-Fitr season "most disappointing year" in 75-year history

World Saturday 13/April/2024 06:57 AM
Traders in Karachi term 2024 Eid-ul-Fitr season "most disappointing year" in 75-year history

Karachi : As Pakistan continues to deal with economic challenges, traders in Karachi have termed the 2024 Eid-ul-Fitr season the most disappointing year in the city's 75-year history, blaming the rising inflation for a significant decline in their business, reported ARY News.

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

All Karachi Tajir Ittehad (AKTI) is the largest and most prominent trade association in Karachi.

Atiq Mir further said that Eid-ul-Fitr season 2024 remained more 'disappointing' for the traders as compared to the previous year, reported ARY News.

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

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

"Warehouses are reported to have accumulated 70 per cent of the stock for sale on Eid-ul-Fitr," Atiq Mir said.

He added that 90 per cent of buyers were interested in buying cheap goods, according to ARY News.

Atiq Mir said that the purchasing power of buyers has been severely impacted by the rising 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.