According to reports, Pakistanis spent more than 1 trillion Rupees on shopping alone this Eid. Analysists revealed that this year’s spending on Eid-Ul-Fitr raised by around 15 percent in total despite the extremely hot weather.
The rise in spending is being cited for various economic and political factors. Even though there hasn’t been a significant rise in salaries both in the government or private sector, people still spent a lot of money on Eid because there is now an increase in total family income where single breadwinner of one home has been replaced by several breadwinners.
Another factor that seems to be playing a major role in increased spending is better awareness through social media and television which has allowed people to come up with a better budget for Eid spending.
Also, the fact that Pakistan now has multi-floored malls across all major cities that providing a safe, secure and air-conditioned environment for shopping for people.
Other experts believe that Pakistanis now have overall better buying power and they no longer go out for shopping with empty pockets. Each and every family, regardless of their income, plan ahead and save money to spend on goods during Eid.
Speaking to Dawn, traders across Karachi’s largest shopping area, Saddar, reported that people were seen not only buying clothes but also spent money on accessories, cell phones, home appliances and even food.
Another survey revealed that people spent a lot on goods because of the rise of fintech applications this year which offered many discounts through various banks.
Source of the data
The Rs. 1 trillion spending on Eid by Pakistanis is an intelligent guess based on the data taken from State Bank of Pakistan and Federal Bureau of Statistics.
The total amount includes cash withdrawals from ATMs, fresh notes obtained through bank on demand, official and unofficial remittances coming in from overseas Pakistanis and scores on consumer’s confidence index.
Every commercial bank in Pakistan also confirmed huge withdrawals by their account holders before Eid.