Sales sink amid thin presence of buyers: Judicial crisis
By Aamir Shafaat Khan
KARACHI, March 16: Sales of essential goods and regular items like garments, clothes, shoes, kitchenware, furniture, etc., have witnessed massive plunge in major markets of the city during the last five days. Traders are concerned over the falling turnout of buyers.
There has also been a sharp drop in sales of furniture and gold jewellery and their booking orders despite the fact that marriage season has begun after Chelum of Hazrat Imam Hussain (RA), a market survey by Dawn confirmed.
Market players in the city were found to be disturbed by the lack of interest of customers. They said that to some extent low arrival of buyers in the market could also be attributed to the Cricket World Cup but “mainly buyers are not turning up owing to uncertain political situation.”
“Our sales have nosedived by 50 per cent due to thin presence of buyers in the last few days,” chairman Tariq Road Traders Action Committee Siddiq Memon said.
Many markets have been facing drop in sales despite ongoing marriage season. “I think people have become frightened over the looming judicial-turned-political crisis and its likely outcome,” he said.
Tariq Road has over 8,000 shops of various items.
General Secretary Karachi Retail Grocers Group (KRGG) Farid Qureishi said that sales of grocery items had declined by 50 per cent in the last few days. “The heating up of judicial turmoil has definitely shaken the minds of general public,” he said, adding that people were watching the situation and worried over its outcome. Even many consumers have curtailed their daily expenditures.
Karachi Furniture Dealers Group (KFDG) Chairman Atiq Mir said that the market had been quiet and sales had dropped by 70 per cent of both dowry furniture on spot and other routine furniture shopping.
“People who have booked furniture for dowry purpose 15-20 days back are not returning on their due date of delivery. They might have extended the dates of marriage,” Atiq added.
He said furniture sales normally picked up immediately after Chelum but so far there was no sign of activity in the market.
All Pakistan Gem and Jewellers Merchants Association (APGJMA) Chairman Saeed Mazhar Ali said that sales had plunged by 50-60 per cent while booking orders had dropped by 40 per cent. “People seem to be too perplexed regarding the future,” he added.
Senior Vice-President of Saddar Alliance of Market Association (Zainab Market, Victoria Centre and Rex Centre) Abdul Samad Khan said sales had dipped by 50 per cent in the last few days amid thin presence of buyers. “Even people who are coming in the markets have been reluctant in making bulk purchases perhaps because of being cautious of any unpleasant political incident”.
President Saddar Cooperative Market Society Mohammad Feroz said that sales had plunged by 50 per cent in the last few days despite the fact that Cooperative Market is the hub of Shalwar Kamiz, Sherwani, gents suiting, ready-made garments etc.
“I think that buyers are in mental shock over the future conclusion of judicial crisis,” he said while rejecting that price hike cannot be blamed for this massive decline in sales.
Chairman Karachi Retail Grocers Association (KRGA) Anis Majeed said that there had been a 25 per cent drop in lifting of items (rice, pulses, sugar and wheat) by the retailers from the wholesale market as compared to normal daily buying especially because of current political upheaval.
President Falahi Anjuman Wholesale Vegetable Market New Subzi Mandi Haji Shahjehan said that trading activities had been dull for the last few days. As a result arrival of items from upcountry had been a bit slow. “Even lifting by traders of Karachi and even general buyers from Subzi Mandi has fallen by 30 per cent due to political uncertainty that has gripped their mind. The market will see the real impact of this crisis in the next few days in case the judicial issue lingers on,” he added.
