Eid shopping picks up as salaries hit accounts
Traders, however, said their sales are at least 30% lower this time than that of the previous year due to inflationary pressure
Eid shopping has picked up in the middle of the fasting month Ramadan as service holders start to receive their salaries and Eid bonuses from employers. Most shopping malls and clothing markets, including Gawsia and Mouchak markets, and Bashundhara City Shopping mall, in the capital were seen abuzz with customers on Friday.
Traders, however, said inflationary pressure has reduced their sales by 30% on average than that of the previous year.
"Customers are prone to high bargaining this time as they are hit hard by price hikes. Most of them now prefer lower-priced items," said Siddique Ahmed, proprietor of Noyana Fashion at the Gawsia market in Dhaka.
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"I have various collections of clothes worth Tk1,000-4,000 each, but clothes of Tk1,000-2,000 are selling well," he told The Business Standard and noted that they saw a good number of customers on Friday as service holders started to get their salaries. The customer number was disappointing in the past 15 days of Ramadan.
Sharifuzzaman Rana, manager of the Deshi Dosh outlet in Bashundhara City shopping mall, added that they are not happy with their sales this year. "Last year we saw a rush of customers from the very beginning of Ramadan, but this time sales are not good, except for Friday and Saturday."
"People now are forced to spend most of their money to buy daily necessities. They think about clothes after those items. So, a fall in our sales is very natural," said Mohammad Salim, in-charge of the Richman outlet at the same mall.
"We can roughly estimate a 30% decline in sales than that of the previous year. However, I am hopeful that the number of customers will increase after all get salaries and Eid bonuses."
Mouchak Market Traders Association President Sirazul Islam Chowdhury told TBS that although they are currently getting fewer visitors and customers than their expectation, sales will increase rapidly after the 20th of Ramadan.
According to the Bangladesh Bureau of Statistics, point-to-point inflation increased to 9.33% in March, which is the highest in seven months. Although the official data shows non-food inflation fell marginally, people feel the heat of price hikes on clothes and other non-food items as well.
"The prices of clothes are at least 15% higher this year. We have no way to escape from hikes. As a consequence, our budget for Eid shopping has declined," said Juwel Rana, a private service holder who came from Badda to Bashundhara Mall for shopping.
"Last year, my budget was Tk10,000 and it is Tk6,000 this year," he said and noted that he has been forced to make the cut as his house rent and costs for daily necessities increased but his salary remained unchanged.
Jobayer Bin Tawhid came to New Market from Babubazar. He told TBS that he is shocked to see price hikes in clothes. "Price of every item has increased substantially. This is just a double whammy. Hikes in daily commodity prices are also in place."
Among different other fabrics, cotton is now selling higher as summer is approaching. "Keeping the upcoming sweltering summer in mind, I have chosen cotton," said Mohammad Lavlu, who bought a cotton saree and a punjabi from the Mouchak Market.
The Bangladesh market of clothes is worth Tk30,000 crore annually, while traders see 75% of sales in two Eids, according to sector insiders.
