One may ask with natural spiritual fervour, why even try to draw a balance sheet on the phenomenal market dynamism that revolved around the greatest festival of the Muslims -- Eid-ul-Fitr! What is a profit and loss account worth about a joyous occasion embedded in deep spirituality? Being respectful to such a spirit, one cannot say at the mundane level that it is a triumph of mind over matter. Festivity may have a spiritual halo but in a market economy it offers opportunity for business in days outstripping those for months.
Now that we are reverting back to the usual 11-month economic cycle,it is time we did some trend analysis on Eid-related economic buoyancy , marketing bonanza and a spate in outbound tourism this year. According to a BIDS survey, increases in purchasing power with per capita income and remittances going up ,upward revision of government salaries and allowances, bonus payments in public and private sectors,and absence of political unrest and natural calamity pushed up sales all around.
A Bangladesh Bank source indicated that remittance figure in May alone stood at 126 crore 76 lakh worth of dollars. Add to this the inflow of 72 crore 44 lakh dollars until June 16, altogether representing the highest remittance figure in the outgoing fiscal.
Trade and business leaders maintain that Eid-centric sales would account for TK 30-35 thousand crore. Former vice- president and director of FBCC&I and president shop owners' association Helaluddin hold that transactions this year may have been somewhat lower. They ascribe this to relaxed visa restrictions by India facilitating travel by at least one and a half lakh Bangladeshis to the neighbouring country and shopping there.If they spent $1000 per head,then the total transaction would have amounted to some 1200 crore taka.
Thus, on balance, purchases from the domestic market have been overwhelmingly large. At any rate, this held true to the pattern of Eid shopping accounting for around 20- 30 per cent of the year-long transactions of our businessmen. It should be possible to determine by further research if the ratio of Eid-buying has exceeded the 30 per cent mark.
Certain buying trends ring auspicious for the future. In the dress category, local brands are ahead of the foreign variety (of Pakistan or Indian origins).In certain products like salwar-kamij, there is room for improvement, though. Our salesmanship lacks in courtesy and politeness, many a customer believes.
In the last few years local brand shops and fashion houses have figured on the choice lists of buyers across the socio-economic strata.
It is worthwhile to note that of the 20 crore pairs of footwears sold in the country annually,30 percent or six crore pairs are purchased for the Eid.
Electronic products and furniture have had good, even booming, sales --thanks to price cuts and the offer of payment by instalments.
Jewelry business is going through a lean period reportedly following backlash of the Apan Jewelry incident. Shop-keepers at new market were seen idling away.
Online business jelled a good deal during the Ramadan.At least one thousand E-commerce outlets and ten thousand Facebook-based enterprises helped buyers receive home deliveries from famous fashion houses and some gadget suppliers.
Brisk business was carried out on the footpaths catering for not just low income groups but also middle class people. Typically, a jeans pant cost between TK 2,000-4,000 at posh shops while the same sold at TK 800 at a pavement. Little wonder, the vendors were gleeful with the volume of sale and profit this year being much higher compared with that of previous years.
But they had a mini-balance sheet to adjust with the extortion cost they had to pay to vend their merchandise!
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- Wednesday, 24 April 2024 |
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