KARACHI: This years Eid shopping season has collapsed to its weakest level in history, with traders reporting that business failed to cross even Rs 10 billion mark — a sharp decline from Rs 15 billion last year and far below the Rs 70 billion peak recorded in 2015.
In an interview with Lahore-based Urdu media, President of the All Karachi Traders Union, Atiq Mir, described the 2024 Eid season as “the worst ever,” citing severe inflation, shrinking purchasing power, and economic uncertainty as the main reasons behind the slump.
According to Mir, nearly 70 percent of goods purchased by traders for Eid remained unsold, piling up in shops and warehouses across the city. “Traditional Eid shopping has almost come to a standstill,” he told Dunya News, adding that the sharp rise in petroleum prices further diverted citizens’ spending away from festive shopping toward essential household needs.
The decline marks a continuation of a decade-long downward trend, Atiq Mir said, recalling that Eid business once touched Rs 70 billion in 2015, but has steadily fallen since: Rs 65 billion in 2016, Rs 60 billion in 2017, Rs 50 billion in 2018, Rs 45 billion in 2019, and Rs 40 billion in 2020.
The impact of inflation and economic pressure pushed turnover down to Rs 30 billion in 2021, Rs 23 billion in 2022, and Rs 20 billion in 2023 — before this year’s unprecedented low of Rs 9–10 billion, he maintained.
“All trade sectors — garments, shoes, furniture, cosmetics, toys, perfumes, renovation goods — are under severe pressure,” Mir said, stressing that profits have shrunk to single digits and traders are struggling to recover costs. He warned that if inflationary trends persist, Eid shopping — once considered the lifeline of retail markets — may lose its cultural and economic significance altogether.
