Consumer spending in Cyprus remains resilient despite market uncertainty fueled by inflation and the conflict in the Middle East.
Cypriots took advantage of the clearances that started around the end of June, focusing their shopping primarily on clothing and footwear.
Traffic at the country’s shopping malls climbed compared to the same period last year, and store owners anticipate double-digit revenue growth by the end of August, when the summer sales season wraps up.
According to market authorities, retail performance was driven mostly by local shoppers. Although tourism has started to pick up, visitors are showing more caution and restraint with their spending.
Shopping malls are capturing the lion’s share of this increased foot traffic, while the situation on traditional commercial high streets is less positive, due to either the weather or other factors.
