Egyptians hope to bag bargains at bookfair as crisis bites
CAIRO—Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world’s largest book fair, but this year it comes at a steep cost.
The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt’s currency, the pound, halve in value and prices skyrocket in the past year.
Organizers say the fair lured more than half a million visitors on its opening weekend alone -- but with publishing houses already struggling to cover the rising cost of printing, many fear this will not translate to sales.
“We expected a much smaller turnout this year than we had,” said Wael al-Mulla, one of more than 800 publishers at the fair.
Budgets are tight in Egypt, where inflation hit 21.9 percent in December, forcing many to dip into their savings to cover ever-rising daily costs.
“Books are a luxury product,” said Mulla, who heads the Masr El Arabia publishing house. “They’ll inevitably be less of a priority when people need to budget for the basics.”
A steep currency devaluation has compounded costs for importdependent publishers, leading many to hike the price of books by up to double.
“You could once come with 2,000 pounds (now $66) and fill a suitcase with books,” Mohamed El Masry, chief executive of El Rasm Bel Kalemat Publishing, told AFP.
“You can’t do that anymore,” the 38-year-old lamented.
‘Bare minimum’
To incentivize readers, Egypt’s publishers’ association has encouraged sellers to give the option of buying books in installments through popular buy-now-pay-later services.
State-owned publishers have also offered heavily discounted Arabic classics for under 30 pounds, or $1.
According to sellers, readers—eager for their annual haul despite the crisis –- are deploying new methods to lessen the burden.
“We see most people coming with their friends as a group. They’ll decide what they want, divide the books among themselves and then pass them around,” said Abdallah Sakr, 33, a publishing manager at El Mahrousa.
“Everyone’s surprised when they see the prices, but there’s still a desire to read. So instead of buying five books, they’ll get two, or one instead of two,” he added.
To survive the crisis, publishing houses have grown more selective.
As the pound plummeted, the price of basic paper stock—all imported —quadrupled, forcing publishers to “decrease commissions and print fewer books per edition”, Mulla said.