Dr Muhammad Abdul Mazid :
Religious festival turned into socio-cultural festival, often celebrated on recurring cycles in a luner calendar ,is a time of special importance for any economy. The festival observed with flavor of prayers , fasting, feasting, vigil, rituals, fairs, charity, celebrations are in any way have financial involvement and economic impact.
EID brings fortunes to many business segments. Both sale volumes and profit margins during peak Eid spending season partially cover for lean business patches on account of strikes, security concerns or political uncertainty. General pickup is observed in otherwise business activity ahead of Eid . The quantum of gaint varied with the scale and the variety of business. Some analysts believe that traders beat manufacturers in terms of total collective share in Eid economy. Others find the view deceptive. “The manufacturers in garments, footwear, accessories, home textiles, furnishing, toys, food products, grooming services, caterers, etc. all are doing booming business in the season”, commented a corporate leader. Though a large chunk of the Eid business is not documented and cash dealings continue to dominate retail and wholesale sectors, yet it is noteworthy that the economy becomes buoyant with formal and informal transactions.
The growing awareness for quality, fashion, style and the purchasing power of consumers has intensified the competition for the money spent on Eid forcing suppliers to innovate and invest heavily on marketing for an edge over their equals.
However, survey shows that the hike in demand surpassed expectations of suppliers of popular items in recent years. After disposing off the fresh Eid stocks many businesses hope to get a chance to clear their stores of old inventories.
Business leaders and economists felt that the seasonal spurt in sales can possibly not compensate for failings of governance in the country. Established businessmen are wrapping up for they feel risks to businesses are high. However retail growth is higher, however, it will remain unsustainable if business environment fails to get the attention it deserves.
The greater social interaction at Eidul Fitr perks up transport sector. All available modes of intra and inter-city transportation grab greater business in a suppliers market. “The tour programme finalised was after the announcement of holidays but seats are not available on trains. To get seats for all six family members together I had to buy bus tickets for Chittagong -Jessore route via Dhaka on a premium”, a salaried professional of Chittagong intending to celebrate Eid with extended family in Jhinaidaha revealed.
Bangladeshis eat rich to celebrate. The confectionary sector and sweat merchants also do roaring business in Eid season. The fast food joints and restaurants cut their share of the pie as people take friends and families out for treats. Extra caterers are engaged for mini Eid parties for the immediate family as all decent restaurants are being booked to capacity. The amusement industry (cinema, theatre, computer game arenas, etc.) makes special arrangements to accommodate the Eid rush. Their share in the total Eid economy might not be significant but big enough to mobilise the sector. In recent years, celebrations are seemed not complete if people cannot picnic at sea beach and see movies at a cinema with group of family friends.
Besides when people loosen purse strings they indulge. The fact that most people overspend during Eid is not refuted. They engage personal and professional grooming services. The beauty parlours and hair dressing saloons do roaring business and engage temporary workers to handle the business load.
The Holy Month of Ramadan will bid farewell in a day or two. Peoples are pulling out all the stops with their worship . However, many of them are being distracted from their worship and being pulled away from work or business and even from the Mosque in favour of the bazaar. Everything that shines, dazzles and glitters is on display in shop windows catering to Eid shoppers. The prices are steep and the competition is fierce. But most importantly for merchants, the wallets are open…wide open! Prices during the Eid holidays go up by at least 50-75 per cent. Eid is big business and is a time when normally sensible people lose their heads and literally shop until they drop. This trend is very worrisome because there is a real fear that the celebration of Eids are becoming simply a commercial holiday..,an excuse to shop. It is imperative to be careful to stick to the economy and efficiency system regardless of all the glitter that surrounds them prior and during the Eid holidays. Of course any one can shop for self, friends and family. However, moderation is key. Do they really need those hot pink Robert Cavalli shoes and matching purse? Or that hand-tailored Armani suit? Thinking must prevail before buying!
In Bangladesh Eid- ul-Fitr, is the biggest festival ,marks the end of Ramadan — the month of fasting. The social meaning of Eid is joyful festival, while its etymological meaning denotes returning time and again — returning to normal life-style after fasting for one month. Eid Al Fitr is a time to be thankful to Allah that you completed the month-long fast in good health and with your loved ones. It is a time to congratulate each other on a job well done for engaging in increased acts of worship during this Holy month of Ramadan. And it is a time to lend a hand to the less fortunate by paying the Zakat. It’s not a time to be extravagant just because one can be or because one feel another who deserve a reward because all fasted an entire month. That type of thinking tarnishes not only the soul, but also everything that Ramadan and the Eid holidays stand for.
The deep domestic market that gears every year to meet demands of all social strata is said to be now catching up with the global trend of online shopping as young urban population develops a taste for it. The fashion conscious youth from elite classes prefer to search for the right deals in upscale popular brands before hitting the road. The recent record sale reports from markets across the country lifted the spirits of enterprising people. Besides local industry, benefits of shopping bonanza, a market of 150 million people, is shared by trading partners such as China, Japan, India, and Malaysia.
India dominates others for its deeper footprint in the Bangladeshi market. Some reports show that some traders have started getting even Shalwar Qameez suits of synthetic dressing material stitched in bulk in India for Eid sale. India leads in artificial jewellery. Indonesian and Malaysian brands are popular in children wear. The China, Japan and US brands in electronics, toiletries and accessories command loyalty amongst local rich people.
Eid is a day where Muslims around the world try to show a common goal, unity. Eid al-Fitr has a particular prayer and generally offered in an open field or large hall. It may only be performed in congregation. As an obligatory act of charity, money is paid to the poor and the needy (Arabic: Sadaqat-ul-fitr) before performing the ‘Eid prayer. The cardinal objectives of this charity is
· To show happiness
· To give as much charity as is possible
· To pray Fajr in the local Masjid
· To go early for Eid salaat
· To read the takbirat in an open field.
· Go to the Eid prayer on foot
After the Eid prayers, it is also common to visit neighbours, family members, specially senior relatives called Murubbis and to get together to share sweets, snacks and special meals including some special dishes that are prepared specifically on Eid. The traditional Eid greeting is Eid Mubarak, and it is frequently followed by a formal embrace. Gifts are frequently given – new clothes are part of the tradition – and it is also common for children to be given small sums of money (salami or Eidi) by their elders. It is common for children to offer salam to parents and adult relatives.
(Dr Muhammad Abdul Mazid is former Secretary and Chairman of NBR).
Religious festival turned into socio-cultural festival, often celebrated on recurring cycles in a luner calendar ,is a time of special importance for any economy. The festival observed with flavor of prayers , fasting, feasting, vigil, rituals, fairs, charity, celebrations are in any way have financial involvement and economic impact.
EID brings fortunes to many business segments. Both sale volumes and profit margins during peak Eid spending season partially cover for lean business patches on account of strikes, security concerns or political uncertainty. General pickup is observed in otherwise business activity ahead of Eid . The quantum of gaint varied with the scale and the variety of business. Some analysts believe that traders beat manufacturers in terms of total collective share in Eid economy. Others find the view deceptive. “The manufacturers in garments, footwear, accessories, home textiles, furnishing, toys, food products, grooming services, caterers, etc. all are doing booming business in the season”, commented a corporate leader. Though a large chunk of the Eid business is not documented and cash dealings continue to dominate retail and wholesale sectors, yet it is noteworthy that the economy becomes buoyant with formal and informal transactions.
The growing awareness for quality, fashion, style and the purchasing power of consumers has intensified the competition for the money spent on Eid forcing suppliers to innovate and invest heavily on marketing for an edge over their equals.
However, survey shows that the hike in demand surpassed expectations of suppliers of popular items in recent years. After disposing off the fresh Eid stocks many businesses hope to get a chance to clear their stores of old inventories.
Business leaders and economists felt that the seasonal spurt in sales can possibly not compensate for failings of governance in the country. Established businessmen are wrapping up for they feel risks to businesses are high. However retail growth is higher, however, it will remain unsustainable if business environment fails to get the attention it deserves.
The greater social interaction at Eidul Fitr perks up transport sector. All available modes of intra and inter-city transportation grab greater business in a suppliers market. “The tour programme finalised was after the announcement of holidays but seats are not available on trains. To get seats for all six family members together I had to buy bus tickets for Chittagong -Jessore route via Dhaka on a premium”, a salaried professional of Chittagong intending to celebrate Eid with extended family in Jhinaidaha revealed.
Bangladeshis eat rich to celebrate. The confectionary sector and sweat merchants also do roaring business in Eid season. The fast food joints and restaurants cut their share of the pie as people take friends and families out for treats. Extra caterers are engaged for mini Eid parties for the immediate family as all decent restaurants are being booked to capacity. The amusement industry (cinema, theatre, computer game arenas, etc.) makes special arrangements to accommodate the Eid rush. Their share in the total Eid economy might not be significant but big enough to mobilise the sector. In recent years, celebrations are seemed not complete if people cannot picnic at sea beach and see movies at a cinema with group of family friends.
Besides when people loosen purse strings they indulge. The fact that most people overspend during Eid is not refuted. They engage personal and professional grooming services. The beauty parlours and hair dressing saloons do roaring business and engage temporary workers to handle the business load.
The Holy Month of Ramadan will bid farewell in a day or two. Peoples are pulling out all the stops with their worship . However, many of them are being distracted from their worship and being pulled away from work or business and even from the Mosque in favour of the bazaar. Everything that shines, dazzles and glitters is on display in shop windows catering to Eid shoppers. The prices are steep and the competition is fierce. But most importantly for merchants, the wallets are open…wide open! Prices during the Eid holidays go up by at least 50-75 per cent. Eid is big business and is a time when normally sensible people lose their heads and literally shop until they drop. This trend is very worrisome because there is a real fear that the celebration of Eids are becoming simply a commercial holiday..,an excuse to shop. It is imperative to be careful to stick to the economy and efficiency system regardless of all the glitter that surrounds them prior and during the Eid holidays. Of course any one can shop for self, friends and family. However, moderation is key. Do they really need those hot pink Robert Cavalli shoes and matching purse? Or that hand-tailored Armani suit? Thinking must prevail before buying!
In Bangladesh Eid- ul-Fitr, is the biggest festival ,marks the end of Ramadan — the month of fasting. The social meaning of Eid is joyful festival, while its etymological meaning denotes returning time and again — returning to normal life-style after fasting for one month. Eid Al Fitr is a time to be thankful to Allah that you completed the month-long fast in good health and with your loved ones. It is a time to congratulate each other on a job well done for engaging in increased acts of worship during this Holy month of Ramadan. And it is a time to lend a hand to the less fortunate by paying the Zakat. It’s not a time to be extravagant just because one can be or because one feel another who deserve a reward because all fasted an entire month. That type of thinking tarnishes not only the soul, but also everything that Ramadan and the Eid holidays stand for.
The deep domestic market that gears every year to meet demands of all social strata is said to be now catching up with the global trend of online shopping as young urban population develops a taste for it. The fashion conscious youth from elite classes prefer to search for the right deals in upscale popular brands before hitting the road. The recent record sale reports from markets across the country lifted the spirits of enterprising people. Besides local industry, benefits of shopping bonanza, a market of 150 million people, is shared by trading partners such as China, Japan, India, and Malaysia.
India dominates others for its deeper footprint in the Bangladeshi market. Some reports show that some traders have started getting even Shalwar Qameez suits of synthetic dressing material stitched in bulk in India for Eid sale. India leads in artificial jewellery. Indonesian and Malaysian brands are popular in children wear. The China, Japan and US brands in electronics, toiletries and accessories command loyalty amongst local rich people.
Eid is a day where Muslims around the world try to show a common goal, unity. Eid al-Fitr has a particular prayer and generally offered in an open field or large hall. It may only be performed in congregation. As an obligatory act of charity, money is paid to the poor and the needy (Arabic: Sadaqat-ul-fitr) before performing the ‘Eid prayer. The cardinal objectives of this charity is
· To show happiness
· To give as much charity as is possible
· To pray Fajr in the local Masjid
· To go early for Eid salaat
· To read the takbirat in an open field.
· Go to the Eid prayer on foot
After the Eid prayers, it is also common to visit neighbours, family members, specially senior relatives called Murubbis and to get together to share sweets, snacks and special meals including some special dishes that are prepared specifically on Eid. The traditional Eid greeting is Eid Mubarak, and it is frequently followed by a formal embrace. Gifts are frequently given – new clothes are part of the tradition – and it is also common for children to be given small sums of money (salami or Eidi) by their elders. It is common for children to offer salam to parents and adult relatives.
(Dr Muhammad Abdul Mazid is former Secretary and Chairman of NBR).
