It is obvious that during any festivity or celebrations globally, people rush to the markets for shopping ahead of the celebration. Likewise, Christmas seems like the most naked celebration of capitalism - and by ‘naked’ I mean the opposite: wrapped, adorned, decorated and sparkling.
But the pre-Christmas shopping frenzy is not really the callous manifestation of free market that it seems. At the core of our midwinter festival is something fundamentally irrational, an urge a robot would never understand: a need to make merry, to paint the town glittering; to lavish one another with food and gifts. This bustling panic buying must be an even more troubling spectacle for those who believe in efficient markets than it is for pious Christians. To people who have faith that the world can heal itself through the unfettered interaction of economically rational individuals, and that, if capitalism were allowed to operate freely, there would be no more slumps and bubbles because the invisible hand of the market would guide everything to its rightful price, the seasonal rush must seem like an orgy of blasphemy.
Christmas is an annual bubble - an irrational buying fever that’s actually scheduled. We know it will come and, like all bubbles, we know it will end. Unlike most bubbles, we also know precisely when it will end. Being a fact that December 25 annually is celebrated by Christians as the Christmas, a day to commemorate the birth of Jesus Christ, as expected, already preparations by Christians have commence ahead of this year’s celebration where shopping ahead of the festivity is expected to be made for both parents and their children.
Expectedly, the federal government is to declare public holiday in respect of the celebrations, especially 25 and 26 of this month, to enable Nigerians, including public servants, celebrate this year’s Christmas day; and our markets are expected to witness large turnout of people that are expected to shop ahead of the celebration.
Friday magazine sort the opinions and experiences of some businessmen and women operating within the Bauchi Central Market where they narrated their experiences that included high patronage on the eve of any festivity, high demand of children’s wear, high cost of items and how economic hardship has affected their businesses.
Alhaji Ibrahim, a 47-year old businessman in Bauchi Central Market, who trades on dresses, said he started learning the business since when he was young under the care of his brother. He said whenever any festive period is approaching, dresses of children are more marketable, especially female ones than those of adults, and that they make a lot of profit whenever the business is booming.
He explained that they use to sell dresses of children ranging from N1, 400 to N4, 500 depending on the kind of buyers and the environment concerned.
On cost of dresses, Alhaji Ibrahim said an average people buy from the lower priced shelves unlike the upper class, but majority of people patronise dresses of lower price unlike before when people prefer those of high quality and more expensive.
He stated that for the past two years the business has not been booming as expected, especially when it comes to shopping for Christmas or sallah celebrations, as they witness low patronage unlike five years back when they used to make profit of between N10, 000 to N25, 000 daily. He also said the low patronage might not be unconnected with the economic hardship facing the country.
Alhaji Ibrahim added that as a result of the low patronage from customers, the prices of most of their products had dropped drastically, as dresses that were sold at the rate of N2,500 before now are now sold at N1800 to N2000 while those that were sold at N4500 now go for just N3200.
“We thank God Almighty since we are surviving but honestly speaking, the economic situation has greatly affected our business as patronage has reduced drastically where people that used to buy high quality products have turned to patronise low quality ones due to the economic meltdown which is all over,” Ibrahim said.
Another businessman within the market, Malam Sani Muhammad who sells different kinds of shoes confirmed to our correspondent that the level of their profit has dropped as a result of low patronage. He said already some Christians have adjusted their shopping plans to suite their affordability.
He said after understanding the financial difficulties, especially on civil servants, some customers had adopted buying their items some months before the month of December, to reduce the last minute rushing which has contributed in jacking the prices of products.
Malam Sani pointed out that shoes cost between N1000 to N5000 but also they used to observe large patronage on children’s wears instead of those of adults. He also complained about the economic challenges which he said had greatly affected their businesses.
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