B Mirror Report:

Working and lower middle class people are bearing the burden of high inflation rate and slow down of the  economy though buying spree for other before Eid are continuing as usual

Traders speculated that as like previous years the total figure which estimated 2.5 lakh plus crore trade before Eid-ul-Fitr-centric market  in the country may be surpass this year .

Some economist observed that the country’s economy is in a good position with Eid in mind. The flow of money is much higher now than in the past few months. This is a good sign for the country’s overall economy. The money sent by expatriates will be very helpful in turning the wheels of the Eid economy. However, many Eid-related expenses will be reduced this time for several reasons. Which may affect the total trade of Eid.

Many are worried and anxious about the change in the political landscape. This year, there will be less travel to the country and abroad during Eid. Expenses like buying cars and expensive furniture, which were seen in previous Eids, may be less. – CPD Research Director Khandaker Golam Moazzem

When asked about the economy of Eid, Khandaker Golam Moazzem, Research Director of the private research organization Center for Policy Dialogue (CPD), told , “The economic situation is not very comfortable now. We are in a cycle of high inflation, due to which it is difficult for the common people to meet their daily expenses. As a result, it can be assumed that Eid-centric expenses will be less compared to other years.”

He said, “The income of small and medium entrepreneurs in the country has not increased. On the other hand, due to high inflation, the production cost of products has increased, starting from clothing to various essential products. Due to which people are struggling to adjust their expenses.”

Eid trade in the swing of certainty and uncertainty

Clothing reigns over a large part of the Eid-centered economy. A survey conducted by the Bangladesh Shop Owners Association a few years ago showed that business is worth about 170 thousand crore taka ahead of Eid-ul-Fitr. Of this, 37 thousand 400 crore taka is spent on the clothing sector. A lot of money is spent on almost everything from prayer caps to milk, sugar and accessories.

Like other years, every clothing trader has prepared for Eid this year. Since the Indian market is closed this year, that is, since they cannot go to India for shopping, big buyers are in the country’s market. – Soumik Das, CEO of Rang Bangladesh

During Eid, people spend a lot on various products including semai, sugar, fragrant rice. A lot of money is spent on Fitra, Zakat, charity, and gifts. Besides, about four to five million people travel on the occasion of Eid. The transport sector is the busiest during this time.

Usually, remittances increase comparatively ahead of Eid. Everything helps to boost the Eid economy.

The domestic garment industry, centered on fashion houses, has been developed mainly around Eid and Pahela Baishakh. There are more than five thousand fashion houses in the country. Most of them are in Dhaka and Chittagong. According to the Fashion Entrepreneurs Association of Bangladesh (FEAB), an organization of fashion houses, the country’s fashion houses sell clothes worth an estimated eight thousand crore taka annually. Half of their business throughout the year is during Eid.

Soumik Das, director of the fashion entrepreneurs’ organization and head of Rang Bangladesh, told  “Like other years, every garment trader has prepared for Eid. This year, since the Indian market is closed, that is, since big buyers cannot go to India for shopping, they have come to the country’s market.