KARACHI, Nov 3: As the Eid shopping gained momentum in the last one week after hitting rock bottom due to pervading gloom triggered by heavy quake casualties, almost the same trend prevailed in the on spot sales of furniture and its related items. The market sources confirmed that sales of gold jewellery also plummeted in first 20 days of the holy month.
A random survey of furniture markets revealed a very thin presence of buyers throughout Ramazan. Retailers said that it was only after 25th of the holy month that market saw some rush.
Furniture dealers in Arambagh, Gulshan-e-Iqbal, Aisha Manzil etc., said that sales remained sluggish for various reasons.
Chairman Alliance of Market Association (AMA) Atiq Mir said that the placement of furniture orders for dowry purposes maintained the same pace as of the last year’s, but to some extent it could be termed satisfactory at a time when the entire nation mourns the killing of over 73,000 people.
A marriage season is awaited to kick off the sales immediately after Eid. Many families, which have to manage bedroom sets for their daughters’ as an essential part of dowry, either give orders one or two months before Eid or buy it on spot a few days before the ceremony.
Mir, who is also chairman of Arambagh Furniture Market, said that on spot sales of sofa, tables and some other items picked up momentum during last four or five days before Eid.
“Overall on spot sales of furniture has dropped by 50 per cent during the month of Ramazan as compared to the same month last year,” he claimed.
He attributed the phenomenal drop in sales to quake tragedy that hit the consumer sentiments and liquidity crunch of the end-users.
Generally, people who have surplus cash in their hands opt to purchase these types of items on the occasion of Eid. The increasing prices of essential items and high cost of living have already curtailed the purchasing power of consumers especially middle class and they cannot even think of buying such luxurious items, he said.
As the rising prices of essential items have squeezed the consumers’ liberal spending habit, the price increase in furniture related items cannot be ruled out in making people hesitant in decorating their homes free of mind. Mattress and foam makers are also to be blamed for making a cartel by increasing prices of these items by 15-20 per cent every year.
GOLD: On spot gold sales had declined by 25-30 per cent during the first 20 days of Ramazan as compared to same time of last year.
Patron in chief All Pakistan Gem and Jewellers Association Akhtar Khan Tessori said that gold sales remained laggard mainly due to sentimental aspects while on spot sales recovered in the last 10 days of Ramazan.
He said that the flow of orders by consumers maintained the same fervour of the last year, which means that marriages and valimas have not been postponed in the city after Oct 8 catastrophe.
KARACHI, Nov 3: As the Eid shopping gained momentum in the last one week after hitting rock bottom due to pervading gloom triggered by heavy quake casualties, almost the same trend prevailed in the on spot sales of furniture and its related items. The market sources confirmed that sales of gold jewellery also plummeted in first 20 days of the holy month.
