KARACHI: Rising inflation hit the purchasing power of Pakistanis on Eid and did not go down lightly on the general population.
The All Karachi Tajir Ittehad (AKTI) reported a significant drop in Eid sales in Karachi, the financial center of the country, as inflation continued to rise.
According to Chairman Atiq Mir, retail sales in Karachi have dropped by 70% this year and the total revenue will be $18 billion by Ramadan 2024.
Mir attributed the decline in sales to inflation and deteriorating law and order in the city. Even though inflation has decreased a bit, people are reluctant to spend Eid due to the economic downsides.
Rising food prices due to devaluation forced even the wealthy to make lifestyle changes to offset costs.
Similarly, markets and malls in cities like Lahore, Islamabad, and Faisalabad, which cater to the middle and lower classes, have seen fewer customers.
This decline in sales reflects the challenges facing the country’s economy, contributing to the broader economic growth Pakistan has faced in recent years.
