Retail sales during the summer sales period have shown a positive trend so far, with higher demand for footwear and clothing, Filokypros Rousounidis, Secretary General of the Cyprus Chamber of Commerce and Industry (KEBE), Filokypros Rousounidis, while the Secretary General of the Pan-Cyprian Organization of Artisans, Professionals, and Shopkeepers (POVEK), Stefanos Koursaris, noted that the market continues to be affected by the decline in tourism, rising prices, and international developments.
Mr. Rousounidis told CNA that, according to information available to the Cyprus Chamber of Commerce and Industry (KEVE), “retailers and overall foot traffic are showing fairly positive signs,” adding that consumer activity “has picked up recently” and that this “is something that satisfies the market.”
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According to the Secretary General of KEVE, the summer sales are “boosting,” as he put it, commercial activity among consumers and store owners, noting that “this generally stimulates the market” and that many products are available at more attractive prices.
For his part, the Secretary-General of POVEK told KYPE that during this period “clearance sales on clothing and footwear are at their peak,” noting that discounts have exceeded 50% and 60%, while “there are even 70% discounts.” “So this is a very good time to shop,” he added.
Mr. Koursaris mentioned that the biggest discounts are on clothing and footwear, as well as electrical and electronic goods.
At the same time, however, he noted that “two factors” had a negative impact on the market, referring to international developments and the decline in tourism, both in terms of visitor numbers and consumer spending, as well as the high prices that, as he said, prevail for basic necessities, electricity, and fuel.
Regarding the product categories in highest demand, Mr. Rousounidis noted that at this time they are primarily “footwear and clothing,” noting that, with the start of the school year just a few weeks away, purchases of these items are expected to increase.
At the same time, he noted that more and more stores are using the internet to promote their products, either to attract customers to their stores or to increase online sales.
“In the times we live in and given the rapid pace of technological advancement, this trend will only grow year by year,” he said, adding that store owners and retailers in general must be able to keep pace with technological developments.
The situation hasn’t changed significantly since the €3 fee was introduced
Regarding the temporary €3 duty on each different product category contained in small packages valued at less than €150 from third countries, the Secretary General of the Cyprus Chamber of Commerce and Industry (KEVE) noted that it does not appear to have significantly affected consumer activity so far.
“I wouldn’t say that it has significantly affected this activity in terms of the duties imposed,” he said, noting that the amount is small relative to the prices of products purchased from abroad and, therefore, “does not appear to be an obstacle, at least at this stage.”
Mr. Rousounidis clarified, however, that he would not say that the imposition of the tariff “helped Cypriot businesses or Cypriot stores.”
As he noted, “Cypriot businesses are no longer competing at the local level, but now at the global level,” emphasizing the need “to shield Cypriot businesses so that they can be more flexible and more competitive.”
On the same topic, the Secretary General of POVEK noted that no significant change has been observed in the Cypriot market since the €3 fee was imposed.
“I cannot say that there has been a significant change, because there are several exceptions, while online stores have now adapted and are operating in new ways, and trade has not been affected,”he said.
POVEK Calls for Institutionalized Clearance Sales
Mr. Koursaris noted that POVEK is reiterating its position in favor of institutionally mandated sales, expressing the organization’s disagreement with the practice of continuous discounts throughout the year, since, as he said, such practices “mislead consumers.”
As he noted, POVEK is calling for “legally mandated sales at least four times a year, corresponding to the seasons,” so that “consumers can once again trust genuine sales.”
Summer sales are expected to continue until around the end of August, according to the secretaries-general of KEVE and POVEK.
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Source: CNA
