4 days ago
Market slump affects Eid sales in Kashmir
Shoppers visited various markets in Kashmir valley ahead of Eid even though traders say that sales are not substantial and sacrificial sheep markets are facing a slump as fewer people are going for the sacrifice due to economic distress.
The traders said that there are multiple reasons for the slump with most immediate being Pahalgam attack and the war-like situation while the dismal market condition was in continuity for the past few years particularly after 2019.
There was a noticeable rush of people in various markets of uptown and downtown including city centre Lal Chowk and Nawhatta in old city.
People are thronging outlets selling apparel, shoes, bakeries and jewellery. The sale of sacrificial animals could be seen going on at multiple places across the region.
Kashmir traders and manufacturers federation president Yasin Khan said that the overall business was down despite Eid.
'Eid ul Adha is a big festival for us in which sacrifice is done. There used to be a lot of hustle and bustle earlier but the situation is not such now. With Eid just one day away, the sales have not been more than 20% of what used to be on normal Eid days. Last year it was 40-45%,' he said.
Jammu and Kashmir will be celebrating Eid-ul-Adha on Saturday with Muslims going for the sacrifice of animals.
The Eid comes over a month after Pahalgam attack in which 25 tourists and a local were killed by terrorists triggering an exodus of tourists from the valley and affecting the urban economy.
Khan said that the Pahalgam attack and the war-like situation between India and Pakistan may be one of the reasons for the slump.
'That is one of the reasons, but down the line there has been a pile up of issues more particularly after 2019, then Covid and GST issues,' he said.
The sheep dealers this year are experiencing less demand from the people for the sacrificial animals even though the supply of animals was in good numbers.
' The sale is not much. The circulation of money in the market is very less and people are not spending as they used to spend on Eid. Even the high spending consumers who used to buy sacrificial animals for ₹50,000 or more, they are now opting for smaller deals,' said Sajad Ahmad, a dealer at Eidgah where the largest market of sacrificial animals is held.
Another dealer said that the flight of tourists from the Valley affected the economy of the city.
'People don't have enough money. They are now more concerned about their basic needs than spending on luxuries,' said Danish Ahmad.
The old side of the city is showing no different behaviour. The traders of Shehr-e-Khaas or Old City said that the people are visiting the markets, but sales are not happening.
'The economy is in a bad shape. We are seeing minimal sales. The main reason is the impact on tourism and flight of tourists from here recently. The circulation of money is not much,' said Javed Habib, a prominent trader of Old City.
