It has been reported that Eid spending this year went significantly down as compared to the last year’s spending, according to sources privy to the matter.
However, there was lack of dependable data due to the fact that cattle trade is normally done on cash and all the data available is based on estimates. One major reason for the decline in Eid spending was the soaring cattle prices this year. Sacrificial animals this year were about 30% higher in price than last year which ultimately led to low cattle trading.
Investments in the cattle market witnessed a steep fall this year due to which there was a gross shortage of sacrificial animals during Eid time. Another problem that was witnessed by buyers was the difficulties brought in by continuous rains in Pakistan during the last few weeks.
It was reported that animals from Punjab could not be transported to Karachi cattle markets and resulted into shortage of animals which in turn led up to abnormally high animal prices during the last two days of cattle trading.
However, there was no substantial evidence available to determine the decrease in the cattle trading activity. Sales of meat-based products usually go down before Eid-ul-Azha, but this was not the case this year. According to Saqib Butt, the head of a meat-based product company, there were no requests from friends and family members to arrange cattle as compared to last year’s demand where he received 100 such requests.
Even the poultry prices go down a month before Eid-ul-Azha, but this year the prices went down just a few days before the Eid. A lot of companies and restaurants build their poultry inventory when prices are low, but this time around they were unable to build inventory as the prices did not go down a month before Eid.
A lot of people also availed various Qurbani services that were being offered by different companies like Meat One, Metro, Meat Pro, and others. People also refrained from going to cattle markets and rather used Careem’s, the local ride hailing company, to have sacrificial animals delivered at their doorstep.