Selling, buying, business and cash transaction have increased significantly centering the holy Ramadan and the biggest festival of Eid ul-Fitr. Market’s turnover will increase by 80 per cent this year due to these festivals, economists and market analysts say. Usually the sales volume rises by 20 per cent during the Baishakh festival and 60 per cent in Eid-ul-Fitr and Ramadan.
People from all walks of life are now very enthusiastic and they are thronging shopping malls, shops and centres across cities, towns and even remote village huts and bazars. They could not do many necessary shopping in the last two years due to Covid-19 related fear, movement restrictions and financial hardship.
But this year, the situation has changed. Both government employees and non-government’s employees are also getting Baishakhi and Eid bonuses. This extra money will increase the purchasing power of some people and create an internal demand.
People from all walks of life are
thronging shopping malls across cities
In capital Dhaka, the supermarkets, mega shopping malls, footpaths, outlets of different brands, and individual shops have been witnessing a huge gathering of customers despite traffic jams. Businessmen are happy with the gathering and expecting big to recover their losses incurred in pandemic-induced lockdowns in the last two years. Apart from clothes, cosmetics and food items, Fitra and Zakat will also play major role in boosting economy.
Our domestic economy is booming in the festival time as special consumption demand is created among the consumers, even some of them are purchasing 80 per cent of their whole year’s need of clothes, footwear, perfume and cosmetic items, etc. during the festival.
Reportedly, remittance is expected to add around US$2.0 billion in April as inward remittance inflow increases on the occasion of Ramadan and the Eid festival. A recent study says 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 purposes and Tk 800 crore is added to the transport sector during the Eid festival. Taka 4,500 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 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. Therefore, now, time has come to go for interoperability and it will make transactions multidimensional and thus boost strength of the economy.
