It is the festive season in the country. The most celebrated festivals in the country came together this year. The biggest festival for the Bengali fraternity, the Bengali New Year Pohela Boishak, and the most significant religious festival for Muslims across the globe, Eid UL Fitr, are to be celebrated around the same time this year.
Overcoming the global epidemic and after-effects of COVID-19, the country has returned to a festive mood for the first time in the last 2 years. Ahead of this year’s Ramadan, Pohela Boishakh, and Eid-ul-Fitr shopping, the country’s shopping malls, fashion houses, and online platforms have come up with new collections, which increased the shopping spree among the mass, resulting in a market rise of BDT 1.5 trillion.
Economists and market analysts estimated the market’s turnover to increase by 80 percent this year due to the twin festival. According to the prominent economist Dr. ABM Mirza Azizul Islam, “As people could not shop for the last two years 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.”
Talking with United News Bangladesh, he says, usually, the sales volume rises by 20 percent during the Boishakh festival and 60 percent during the Eid-ul-Fitr and Ramadan. Ramadan and Iftar shopping also create significant demand as the Muslim devotees want special items in Iftar and Sehri.
Mirza Aziz, a former adviser of a caretaker government, says “The government employees and non-government organizations also give Boishakhi and Eid bonuses. This extra money will increase some people’s purchasing power, which will create an internal demand. However, inflation may also rise slightly.” However, there is no detailed account of how much money is transacted during the festivals.
The country’s GDP (gross domestic product) volume in the current financial year is BDT 32 trillion. Md Helal Uddin, President of Bangladesh Dokan Malik Samity (BDMS), has surveyed the economics of Ramadan and Eid. According to the survey, additional transactions of BDT 1.5 trillion are being added during Ramadan and Eid.
According to the survey, approximately BDT 40,000 crore is being added to the garment market, BDT 27,700 crore to the daily commodity market, and BDT 67,700 crore to the Zakat and Fitra sectors BDT 800 crore to the transportation sector.
Helal Uddin, who is also a former senior vice president of FBCCI, said BDT 4,500 crore is estimated to be spent on travel and entertainment during the occasion of Eid. Apart from this, the flow of money will increase the activities of a few more sectors and boost the country’s economy.