Smarting from two consecutive years of pandemic-induced losses the country has returned to a festive mood giving a fillip to this year’s Ramadan, Pohela Boishakh and Eid-ul-Fitr shopping.
Economists and market analysts estimate that the market's turnover will increase by 80 per cent this year due to the twin festival of the Bangla New Year’s Day and the upcoming Eid-ul-Fitr at the end of the month of fasting.
Leaving the Covid pandemic fear aside enthusiastic people, taking children along with them, are thronging at shopping
Centres across cities and towns.
In last two years, people couldn’t do many necessary shopping due to Covid-19 related fear and movement restrictions, but this year, the situation has changed and special demand for shopping has been created among the people, said prominent economist Dr ABM Mirza Azizul Islam.
Talking with UNB he said usually the sales volume rises by 20 per cent during the Boishakh festival and 60 per cent in Eid-ul-Fitr and Ramadan.
READ: Shoppers flouting social distancing rules as Eid shopping gains pace
“Our domestic economy boomed in the festival time as special consumption demand is created among the consumers, even some of them will purchase 80 per cent of their whole year's need of clothes, footwear, perfume and cosmetic items etc. during the festival,” said Mirza Aziz, a former adviser of a caretaker government.
Ramadan and Iftar shopping also creates big demand as the Muslim devotees want special items both in Iftar and Sehri, he said.
Mirza Aziz further said that government employees and non-government organizations are also giving Boishakhi and Eid bonuses. This extra money will increase the purchasing power of some people. This will create an internal demand. However, inflation may also rise slightly.
The volume of the country’s GDP (gross domestic product) in the current financial year is Tk 32 trillion (1 lakh crore= 1 trillion). However, there is no precise account of how much money is transacted during the festivals.
Md Helal Uddin, President of Bangladesh Dokan Malik Samity (BDMS), has conducted a survey on the economics of Ramadan and Eid.
According to the survey, additional transactions of Tk 1.5 trillion are being added during Ramadan and Eid.
The survey finds that about Tk40,000 crore is being added to the garment market, an additional of Tk 27,000 crore added to the daily commodity market, Tk67,000 crore added for Zakat and Fitra purpose and Tk 800 crore is added to the transport sector during the Eid festival.
Helal Uddin, also former senior vice president of FBCCI, said Tk4,500 crore will be spent on travel and entertainment on the occasion of Eid. Apart from this, the flow of money will increase in the activities of a few more sectors.
This includes bonuses for 1.4 million (10 lakh = 1 million) government officials and employees, 6 million shop employees and 7 million workers in the readymade garments and textile sector, which are added to the Eid economy.
Besides, expatriate remittance is expected to add around US$2.0 billion in April as inward remittance inflow increases on the occasion of Ramadan and Eid festival.
The super markets, mega shopping malls, footpaths, outlets of different brands, and individual shops in the capital witnessed a huge gathering of customers despite traffic jams.
The shoppers are happy with the gathering and expecting big to recover their losses incurred in pandemic-induced lockdowns in last two years.