Inflation Causes Over 70% Drop In Eid Shopping In Pakistan
The severe inflation impacting essential goods significantly reduced Pakistani consumers’ spending power during Eid, with no substantial relief provided.
The All Karachi Tajir Ittehad noted a dramatic decrease in Eidul Fitr sales within Karachi, Pakistan’s economic hub, amidst escalating inflation rates.
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Atiq Mir, the chairman, observed that retail sales plummeted by 70% this year, garnering only Rs18 billion in revenue throughout Ramadan 2024.
He attributed this downturn to inflation and worsening public safety conditions. Despite a minor reduction in inflation rates, economic challenges deterred the public from spending on this year’s Eid celebrations.
Even wealthier segments of society are adjusting their spending habits in response to unprecedented food price hikes.
Similar trends were seen in other major cities like Lahore, Islamabad, and Faisalabad, where traditionally busy markets and shopping centers saw fewer customers, particularly those frequented by middle and lower-middle-class shoppers.
This decline in consumer spending is exacerbating the economic deceleration faced by Pakistan in recent times, further straining its financial stability.
