Exactly how much money changed hands during Eid-ul-Fitr? A reporter friend of mine, quoting an FBCCI leader, told me it would be a minimum of Tk136,000cr. A newspaper report referring to money circulation data from Bangladesh Bank mentioned the number Tk112,000cr. We, at Brac Business School, did a brief review of the Eid-ul-Fitr spending in 2011. The preliminary numbers came out to be Tk55,000cr.
A representative from the association of Bangladesh fashion-wear producers mentioned, during a television interview, that they were expecting at least $2bn, or Tk15,000cr, worth of sales of locally produced apparel during Eid. A Tour Operators’ Association of Bangladesh representative, while speaking to a local newspaper, mentioned how the number of domestic and international travellers was increasing fast on account of Eid holidays. This year, the number was expected to be 300,000 international travellers and almost as many, if not more, domestic travellers.
Bangladesh Bus Owners’ Association projected the number of people travelling to their home-towns to be more than 8 million. Bangladesh Railways, marine launches, government and private airlines, and even trucks and CNG four-wheelers claimed to have carried around 3 to 4 million passengers.
Our brief survey didn’t include any home-going travellers, international and domestic tourism expenses, and the Zakat money which had been distributed. It only included iftar and sehri expenses, Eid shopping -- which mostly comprised of saris, salwar-kameezes, panjabis, shirts and pants, shoes, electronics, cell phones, and other fashion items, as well as Eid day food expenses. This year, newspapers reported an excess of 5,000 in sales of cars during the entire month of Ramadan and Eid.
How many people fast in Bangladesh? How many people have iftar? How many people have sehri? What is the per capita purchase of saris, panjabis, shirts, pants, shoes, sandals, jewellery, and cosmetics?
How much does one need in order to travel to their village home and back? How much does one need to go to Kolkata and come back after three days staying in a reasonably-priced hotel? How much does one need for an 18-day tour of Europe, or a one-week tour of Bali or Bangkok or Penang? How much does it take to buy an expensive TV or a 12cft refrigerator?
How much does one need to buy a Toyota Corolla? How many people give Zakat? How many people receive fitra in Bangladesh, and what is the total amount? What is the size of the “tip economy”?
You don’t need to guess anymore, our media friends carried a lot of reports on these statistics. One might ask: “Who believes the media?” You can do your own calculations. I’ll bet that your numbers will cross Tk100,000cr, indicating a large increase in disposable incomes in Bangladesh.
The other side of this story is, of course, one about “festival economics” -- Bangladeshis are seizing every festival as an opportunity to take a break and have some fun. Every Bangladeshi these days looks forward to Eid sales and taking a vacation. Even in rural Bangladesh, we get to see so many marriages taking place just after Eid. It has already become “dhormo jar jar, utsob shobaar,” (religion is for individuals, festival is for everyone). Is this sustainable? Of course it is. Eid spending is increasing each year. Even the dull real estate or capital market scenario cannot stop people from spending.
Yes, there are unnecessary price hikes in iftar materials. While at Satkhira, one can have iftar for Tk10, at the Westin in Dhaka they can easily take more than Tk5,000 out of your pockets. The number of hotels and restaurants offering sehri is increasing every year. We see so many “sehri mehfils” being hosted by telcos and multinational companies, who are turning every occasion into a marketing opportunity.
Speaking of “gifts,” it’s always a pleasure to buy gifts for others -- buying stuff for your parents, your siblings, your in-laws, and then include your aunts, uncles, friends, and neighbours. Where does the money come from? We don’t know. What about the tips? All of a sudden you discover that your driver, the lift operator in your office, the ATM booth security personnel, the trolley boy at the airport, the bus-counter rep, the bus helper, the cleaners in your apartment, the receptionist at the hospital, hotel, and every other place with a foyer, everyone is staring at you, all of a sudden super pro-active about serving you. Don’t be fooled, it’s all for the tip.
Then you start counting: It becomes more than Tk2,000 for each one of us to give out in tips to the smiling, seemingly happy people around us. And you are happy too. Police bosses appear on TV screens and reassure us all of safe movement, safe travels, and safety in offering prayers on Eid day.
Their traffic sergeant friends took away at least Tk100cr from various cars, buses, and trucks in city centres, roundabouts, or busy market places. You had to pay for parking wrong, having an outdated driver’s license, or having an expired insurance date. You smile with a little dismay, and they smile too.
Many received bonuses, many received Zakats, fitra, or tips, and some received special gifts or “upri” (excess income). Everyone is happy, and more than Tk100,000cr changed hands. There was a happy governor, a happy finance minister, and a happy prime minister. Only 300 lives were lost in a country of 160 million in various road accidents during that period. But that’s a small number, isn’t it?
