Irfan Tramboo
SRINAGAR, Mar 29: The usual hustle-bustle ahead of Eid-ul-Fitr in the markets of Kashmir including capital city Srinagar was missing today with many traders staring at losses due to sluggish sales during the festival.
The Eid-ul-Fitr festival will be celebrated either on Monday or Tuesday depending on the sighting of the crescent on Sunday.
The traders in Lal Chowk stated the usual hustle and bustle associated with Eid shopping is missing this time and the overall sales have declined by around 70 per cent.
“People are not buying much. On this Eid, the major spending is on eatables. Earlier, people would also spend on other things like garments, but that has significantly decreased,” said a shopkeeper from Lal Chowk.
Majid Ahmad, a customer at Goni Khan Market, said garment prices have increased compared to last year.
“After hearing the prices of clothes, you feel scared to buy them. It might be manageable for those with a single child, but for those with two or three kids, it’s really a nightmare,” he said.
Another customer, Bilal Ahmad, highlighted the impact of online shopping on local businesses, particularly in garments and other items.
“There is a noticeable price difference between items bought online and those purchased from the market. People prefer online shopping because it helps them save,” he said, adding that local businesses need to come up with a plan to address this issue.
On the other hand, the Kashmir Economic Alliance (KEA) has reported a concerning “slowdown in sales.”
It stated that businesses are struggling due to high taxation, declining purchasing power among people, and financial burdens on shopkeepers, all of which have already taken a toll on them.
“During Eid, retail businesses would usually bloom, but this year, sales are down by nearly 95%, especially in garments and other items, apart from eatables,” KEA said, while raising the issue of mushrooming of “undue sales,” affecting the businesses.
According to traders, the spending power of people has witnessed a considerable dip, which leaves an impact on the business, visible on ground if keenly observed.
“The rush is not what it used to be on this occasion. Overall, inflation has jumped, which has affected people’s spending power because incomes have either remained the same or declined. These factors are manifesting in the markets,” said Manzoor Ahmad Kar, spokesperson for Goni Khan Market.
He added that shopping has been limited, with people preferring to buy only selected items. “Parents are ensuring that they cater to the needs of their children while forgetting about themselves.”
Another trader from Old City’s Nowhatta, Javid Ahmad, said business has been good, and he has been able to fare well in recent days.
“I wouldn’t say that I have been sitting idle. Business has been good,” he said, adding that while changes in people’s buying patterns are evident, they are a reality that needs to be accepted.
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