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Note ban effect dampens Ramzan shopping
Ramzan shoppers this year are spending their money cautiously this year. Normally during Ramzan people go in for liberal shopping, this time however they are restricting their purchases to household items and clothing. Some of the retailers say that they have witnessed more than 50% drop in their sales, even as the season comes to an end.
​Hyderabad: Ramzan shoppers this year are spending their money cautiously this year. Normally during Ramzan people go in for liberal shopping, this time however they are restricting their purchases to household items and clothing. Some of the retailers say that they have witnessed more than 50% drop in their sales, even as the season comes to an end.
The shopping spree, which is generally witnessed during the whole month of Ramzan, has not picked up pace even during last week of the holy month. The reason attributed to this behavior is effect of demonetisation. The new note regime has created a fear psychosis among people who are buying just the essentials.
“During the first 20 days, I use to make a business of more than Rs 2.7 lakh, which has dropped to just 70,000 this year. The business has slowly picked up pace now, but we may not sustain if this trend continues,” Sheikh Mehboob, a retailer of dress material in Tolichowki area told The Hans India.
Similar is the situation in retail stores of readymade garments in other locations in the city. For instance, a fashion store selling men’s collection in Kachiguda, also witnessed a huge drop in its sales compared to previous year.
Following good response during the previous year, these traders have brought more stocks. With not many buyers they are now a worried lot. “We made good business last year. But this year there is not much response despite good offers from us. People are not ready to spend liberably this year,” said T Raj, one of the partners.
According to Raj, one of the reasons is the impact of the demonetisation which continues even during the Ramzan, as there has been a drop in ‘cash rotation’. Ruling out competition from online trade, Raj said youngsters continue to prefer trendy clothing at affordable price. “We cater to youth and the clothing we offer is rarely available online,” he added.
The youngsters who would have spent their savings on clothing by buying several pairs have been buying only one or two pairs for the Ramzan festival. “My pair of clothing is ready for the festival, which is enough for the day of festival. I am restraining myself from spending more on clothing,” said Mohammed Abdul Jabbar.
Even though the parts of Old City appears to be buzzing with crowds, people are mostly resorting to window shopping. One of the street-vendors selling toys in the streets in Khilwat procured huge quantities of material for Ramzan sales, but could not reach his target.
“Ramzan has come and is about to end, but the business has failed to take off. I had expected good business, but we are nothing before god’s will,” says Abdul Rahman, a petty businessman.
