The leather and cowhide leather price are measured per square foot in Pakistan. let’s look at the Pakistan Economic Information.
Pakistan’s gross domestic product (GDP) per capita witnessed a dip for the first time in years in 2020, falling to 1,260 USD (according to the International Monetary Fund), placing the country in the middle of the pack between Bangladesh and Afghanistan.
Young people, those aged 0 to 24, will make up 55.31 percent of the overall population in 2020, while the population as a whole will expand by 1.99 percent in 2021. (CIA World Factbook estimates)
Its Gini coefficient is 33.5 points, which corresponds to the 154th rank in the world – United Nations Development Programme, the latest available data – but Pakistan offers a wide range of consumer markets due to the very large size of its population.
This is despite the fact that income inequality is relatively low compared to the rest of its region (over 216 million people, the fifth largest population in the world – World Bank, latest available data)
The average Pakistani customer is growing more familiar with brand names.
Because of this trend, there is a growing desire for products that were not previously available in the country, particularly in the fields of clothes and long-lasting household equipment
In spite of advances in salary levels, Pakistani consumers continue to allocate a significant portion of their income toward addressing fundamental requirements such as dietary requirements (39.5% of total consumer expenditure) (Economic Research Unit of the Ministry of Agriculture United States, latest available data)
However, household wealth has steadily increased over the past few years (+18.3% between 2015 and 2019 – HIES, latest available data), and Pakistan’s burgeoning middle class is among the 20 largest in the world.
Despite the fact that Pakistani consumers have traditionally been price sensitive due to their generally low incomes, household wealth has steadily increased (+18.3% between 2015 and 2019 – HIES, latest available data) (Global Wealth Report Credit Suisse, latest available data).
The improvement in political stability and general circumstances of security contributed significantly to the uptick in consumer confidence. As a result of increased discretionary income, consumers are increasingly spending money on experiences such as trips and consumer electronics.
The distribution market is only starting to get off the ground. The industry is still in its early stages of development and is highly fragmented.
Because of this, there are still a significant number of small retail businesses across the country (estimated at 2.5 million), and the majority of these shops sell items that are suitable for everyday usage.
There are hundreds of multi-purpose shops owned by the government located all over the country, and many of them sell food and various basics for the home.
These establishments cater mostly to the population’s lower socioeconomic strata, which in turn assists the government in its fight against inflation
However, the idea of organized distribution is starting to acquire traction in the country, and a number of significant international distributors are beginning to take an interest in this sector
The retail industry in Pakistan is currently enjoying spectacular and flourishing expansion because of the arrival of multinational brands and locations.
To better compete with their most formidable international rivals, local merchants are broadening their product offerings and geographic reach.
According to Internet World Stats, Pakistan had a population of 200.81 million people in 2018, and 44.61% of those people used the internet, making the country’s internet penetration rate 22.2%.
Because of a lack of resources and physical infrastructure, Internet penetration in Pakistan is still quite low at this point. There are a number of variables that have contributed to low levels of cultural assimilation, including low levels of literacy, economic situations, and cultural opposition.
In spite of this, the cost of Internet subscriptions has decreased dramatically over the past several years, and mobile Internet access has expanded, both of which have contributed to an increase in Internet usage overall. According to The Express Tribune, there were more than 137 million mobile phone users in Pakistan as of the month March 2017.
However, in 2017, only 28% of them were using 3G/4G connections.
This is primarily due to the fact that telecom carriers are concentrating their efforts on urban areas and areas with high incomes.
Because of this, many people who use the internet must rely on slower connections because rural and isolated areas of Pakistan still do not have access to broadband internet.
Nevertheless, 3G and 4G networks are gradually expanding into these regions, and the government has plans to further boost connectivity.
In 2018, there were around 18 million people in Pakistan who owned smartphones, as stated in the annual report that was published by the Pakistan Telecommunications Authority in 2017.
Chrome was the most widely used web browser in Pakistan as of July 2018, accounting for 72.81 percent of the market share, followed by UC Browser (9.78 percent), Opera (5.1 percent), Android (3.9 percent), Safari (2.5 percent), and Firefox (2.2 percent). When it comes to search engines, Google is by far the most popular option, accounting for 97.59% of all searches, followed by Yahoo (1.42%), and then Bing (0.05%).
It is anticipated that by the end of 2018, the number of online payment merchants operating in Pakistan would have increased to the point where the country’s e-commerce market will have surpassed $1 billion (The Express Tribune).
The absence of trustworthy online payment solutions is one of the primary factors that has hampered the growth of e-commerce in Pakistan. However, the participation of multinational businesses in this market ought to eliminate this hurdle that has persisted for a long time.
According to research conducted by Euromonitor International, the surge in popularity of online shopping in Pakistan is being driven in large part by the increasing number of young people and urban consumers.
According to Statista, the total value of online sales in 2017 was USD 622 million, which represents 0.34% of the total value of retail sales in the country. The Central Bank of Pakistan, however, only evaluated payments made by debit or credit cards, which only accounted for a small part of total transactions.
Therefore, the true value of online sales is probably a great deal more than what was reported by the Central Bank of Pakistan. olx.com.pk, daraz.pk, pakwheels.com, zameen.com, and Kaymu. pk are some of the most important websites for online shopping in Pakistan.
Your comment submitted.