No shopping spree this Eid as high commodity prices hit fixed-income people hard
While middle-income people have curtailed their budget for Eid shopping, many low-income people have decided not to buy anything for this Eid at all
Shamima Akhter, a private school teacher from the Mirpur area, usually bought clothes for her relatives during the Eid season, but this year she could not do that as the increased commodity prices slimmed down her purse immensely.
"Every year I celebrate Eid in my village home in Natore, but this year I will stay in Dhaka during the Eid holidays, because I could not buy anything for my relatives. I am not doing financially well at all and I will buy things mainly for my children," Shamima told The Business Standard.
Eid shopping was almost an essential part of the celebrations, but this year it seems to be a luxury for the middle- and low-income people as they can barely afford their daily necessities.
Keep updated, follow The Business Standard's Google news channel
Nazmul Hasan, a grade three government employee, said, "Before the pandemic, I used to buy clothes of different brands for my family on almost every Eid, but this year I have to buy non-branded items which are priced low. My income has not increased as much as the commodity prices, so I have to spend less on clothes and accessories."
Zahirul Islam, a salesman at a private pharmaceutical company, said he would buy clothes only for his parents and children this, not for himself or his wife.
While middle-income people have curbed their budget for Eid shopping, many low-income people have decided not to buy anything for this Eid at all.
Shafiq Mia (50) from Jashore was a street vendor, but he gave up that business when lockdown was imposed over Covid-19 and started pulling rickshaw. He said even though he used to shop for his family members on Eid every year, he cannot do so this year as he cannot save enough money after paying for food and his children's education.
"The money I earn by driving a rickshaw all day is not even enough to buy rice and pulses for the family. On top of that, the price of everything else in the market is increasing. If I buy clothes, I will not be able to pay for the daily necessities and my children's education," Shafiq told TBS.
Echoing him, Salah Uddin, a day labourer who earns around Tk500 daily, said, "There are five members in my family. The eldest son will sit for the SSC exam next year. Last month I bought him books worth Tk2,700. I have no more money for Eid shopping."
The sellers have been suffering too as they had to increase their product prices for different reasons, while the customers' purchase capacity decreased.
Kefayat Ullah, a shopkeeper at Eastern Plaza, said, "The cost of production and marketing of garments has increased as the prices of oil, gas, and water increased. Consequently, we too had to increase the product prices a little."
Surjit Raj, a shop owner in Mouchak Market, said, "This year our sales do not amount to even half that we expected. We brought clothes for the middle class, whose income has decreased due to the Covid-19 pandemic. So, they cannot spend as much as they used to."
"Before the Covid-19 pandemic, we used to have so many customers in our shop that many could not even stand inside, but this year, we have to shout out loud to attract customers," he added.
Nizam Uddin, president of Chandni Chawk Shop Owners' Association, told TBS that the hiked prices of commodities have slowed down their sales during the Eid season.
"Low- and middle-income people usually think of Eid shopping only after buying essentials, but recently they have not been doing well. The rising commodity prices have been affecting our business negatively," he said.
Sayema Haque Bidisha, a professor of economics at the Dhaka University, told TBS, "Currently, the commodity prices in the country's market are unusually high, which is affecting the Eid market as well. People are curbing their spending on Eid shopping to ensure that they can afford the daily necessities."
In 2018, a study by Sanem found that the poverty rate had dropped to 21.6%. Another study by the organisation in November-December 2020 revealed that the poverty rate had risen to 42% – almost double than that before the pandemic.
A joint study by the private research institute Power and Participation Research Center (PPRC) and the Brac Institute of Governance and Development (BIGD) in 2021 also revealed that 43% of the population has fallen below the poverty line. Currently, the number of poor people in the country is more than seven crore.
