KARACHI: Buyers rush at major markets of the city has intensified prior to Eidul Fitr, but the trading community insists that they may miss the expected sales targets.
A majority of the traders said there was no increase in their daily turnover, but some admit a 10 per cent jump in sales as compared to last year.
An official at a leading ready-made garments shop at Saima Pari Mall in Hyderi said sales have go up by 10pc. Prices of men’s suits are being maintained at previous year’s level, but there is a rise of Rs300 in the prices of average quality shalwar-kameez suits for children.
Leading brands have, however, raised prices by five to 10pc where prices for shalwar-kameez suits hover between Rs6,000 and Rs7,000, while they are offering kurta for Rs2,900 to 4,500.
Due to higher stitching charges of Rs800 for plain suits, buyers are shifting towards ready-made shalwar-kameez.
All-Karachi Tajir Ittehad (AKTI) Chairman Atiq Mir told Dawn that this year there was a massive turnover of buyers, and markets are full of genuine buyers instead of window shoppers.
Market people, he said, invested over Rs90 billion this year as compared to Rs70-80bn last year for Eid specific preparations.
He said that outlets dealing in preparation of ready-made garments have purchased more stitching machines in view of rising demand.
This year people have started coming to markets from the 11th of Ramazan as compared to 19th of Ramazan last year, he added.
He expected an overall sales of Rs60bn this year in ready-made garments for women, children, gents, as well as shoes and sandals, bangles, cosmetics and perfumes as compared to Rs50bn last year.
Sales figures would have been more impressive, had there been no prolonged power failures and load-shedding, and withholding tax issue, he added.
Despite the cut in withholding tax to 0.3pc from 0.6pc on all banking transactions, traders are dealing in cash directly from parties.
Atiq said Tariq Road market has emerged as a major hub, followed by Hyderi, Saddar and Clifton where there is a stiff competition between owners of stores dealing in branded ladies garments.
Some have introduced ladies suits with quality fabric and stitching at Rs2,000-2,500 this year, while branded suits prices range between Rs6,000 and Rs8,000.
Published in Dawn ,July 14th, 2015