Kashmir Eid Markets Experience 50% Decline Amid Inflation and Middle East Tensions
Eid markets across Kashmir see 50% slump amid inflation and Gulf tensions
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Eid-ul-Adha celebrations in Kashmir are significantly subdued due to inflation and the ongoing conflict in the Middle East, leading to a nearly 50% drop in shopping activity across major markets. Traders report that rising costs have restricted consumer spending, particularly on non-essential items.
- 01Shopping activity in Kashmir has declined by nearly 50% compared to previous years due to inflation and Gulf tensions.
- 02Traders are reporting that consumers are limiting purchases to essential items, postponing non-urgent spending.
- 03Livestock markets are also experiencing low activity, with many potential buyers unable to afford prices.
- 04Bakery sales have sharply declined due to increased raw material costs, affecting traditional Eid celebrations.
- 05Market leaders express concern over the economic impact of the Middle East conflict on local purchasing power.
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The festive spirit of Eid-ul-Adha in Kashmir has been significantly dampened this year, with reports indicating a nearly 50% decline in shopping activity across various markets due to rising inflation and the ongoing conflict in the Middle East. Major markets in Srinagar, Baramulla, Pulwama, and other districts are seeing fewer shoppers, as many consumers are prioritizing essential purchases and postponing non-urgent spending. Mir Mohammad Yaseen, president of Gonikhan Market, noted that while there is some foot traffic, actual shopping is minimal, with families primarily buying items for children. Livestock markets, typically bustling during Bakara Eid, are also struggling, with many potential buyers unable to afford the high prices. Bakery sales have declined sharply as rising costs have made traditional treats less accessible. Overall, the economic challenges facing the Valley are reflected in the subdued Eid celebrations, marking a stark contrast to previous years.
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The economic downturn is affecting local businesses and consumer spending, leading to a subdued festive atmosphere.
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