ISLAMABAD (Kashmir English): The retail market of Pakistan has witnessed a significant decline this year for Eid celebrations. The traders have registered a drop in the number of sales up to 60 percent.
They attributed this trend to increased inflation and taxes. They said that the rising prices have decreased consumer buying capacity and demand.
The retailers in clothing, footwear, and general merchandise were under pressure. The observed low numbers of customers in the markets in comparison with the previous year.
They said that sustained inflation and taxes can negatively affect the retail business in the coming seasons.
The small shopkeepers faced massive financial losses on the occasion of Eid. They observed that many people reduced unnecessary shopping due to the high cost of living.
The market associations requested the government to check the level of inflation and taxes. They also said that sustained pressure can compel more traders to close down their businesses.
They said that weak purchasing power has a direct impact on festive shopping. They also concluded that the absence of price stability and reduced taxes could limit retail business revival.
