Nicosia: The retail market has shown a positive trend during the summer sales period, with footwear and clothing among the products in highest demand, Secretary General of the Cyprus Chamber of Commerce and Industry (CCCI) Philokypros Rousounides told CNA. At the same time, Cyprus Confederation of Professional Craftsmen and Shopkeepers (CyCPOVEK) Secretary General Stefanos Koursaris said the market continues to be affected by lower tourism, high prices, and international developments.
According to Cyprus News Agency, Rousounides mentioned that CCCI's information indicated retailers were experiencing 'quite positive signs' with an increase in consumer activity, which satisfies the market. He noted that summer sales have 'boosted' commercial activity, offering products at more attractive prices.
Koursaris added that sales of clothing and footwear are currently at their peak, with discounts exceeding 50% and 60%, and some even reaching 70%. He described this period as 'a very good period for shopping', with the most significant discounts seen in clothing, footwear, electrical, and electronic goods.
However, Koursaris highlighted that international developments and lower tourism, both in terms of visitor numbers and consumer spending, along with high costs of basic goods, electricity, and fuel, have negatively impacted the market.
Rousounides emphasized the high demand for footwear and clothing, predicting an increase in purchases ahead of the new school year. He also noted the growing trend of retailers using the internet to attract customers to physical stores or boost online sales, suggesting this will continue to grow with technological advancements.
Regarding the temporary pound 3 customs duty on small parcels arriving in the EU from third countries, Rousounides stated it has not significantly impacted consumer activity, as the amount is relatively small compared to product prices. He stressed the importance of protecting local businesses to ensure they remain flexible and competitive in the global market.
Koursaris concurred, noting no significant change in the Cyprus market following the pound 3 charge, as online retailers have adapted by finding new operational methods.
CyCPOVEK is advocating for regulated clearance sales periods to prevent continuous discounts throughout the year, which Koursaris argues could 'mislead consumers'. The organization proposes having regulated clearance sales four times a year to help consumers trust genuine clearance sales.
The summer sales are expected to continue until around the end of August, according to the CCCI and CyCPOVEK Secretaries General.