In a press conference held on May 24, 2023 at the Journalism Center, the results of the Major Market Survey, which has been conducted Cyprus Consumer’s Union and Quality of Life by the company CMRC CYPRONETWORK LTD of the CYPRONETWORK group, were presented.
The results were presented by Mr. Christos Michaelides, Executive President of the CMRC CYPRONETWORK LTD. and Dr. Loukas Aristodemou, President of Cyprus Consumer’s Union and Quality of Life.
According to Cypriots, the two most worrying issues in Cyprus today are the increases in the prices of goods and services and the increases in energy prices (68% and 60% respectively). In a second grouping and a clearly lower percentage we find corruption (35%), poverty and social inequality (31%), income reduction (24%) and crime and violence (21%). At the opposite end, we have unemployment (17%), high taxation (13%), insecurity from the Russia/Ukraine war (10%), the coronavirus pandemic and climate change (8% and 7% respectively).
The income of Cypriot households in the last six months has probably remained stable compared to 2021 (percentage of 47%), with six in ten (58%) stating “stability”. Compared to the years 2019 and 2018, the corresponding percentage was clearly higher (66% and 74% respectively).
In relation to the markets in general, these have increased significantly compared to 2021 since the percentage has moved from 3% to 18% in 2023. The percentage of those whose purchases have remained stable is not differentiated compared to the last survey (2021), with the reduction rate falling from 58% to 40% in 2023.
In 2023, the percentage of households facing a survival problem is limited to just 1%, a percentage clearly reduced compared to 2021 (12%). On the other hand, those who get by on their household income remain stable at around 21%, with a significant increase noted by those who reported that they are barely getting by on their household income (44% in 2023, compared to 30% in 2021). Those who reported that they have difficulty either a little or quite a bit with their income also remain rather stable (19% and 15% respectively).
Eight out of ten consumers reported in 2023 that their miscellaneous expenses have increased (81%). Additionally six out of ten have reduced both their entertainment and vacation spending compared to the past (58% and 60% respectively). An equally significant proportion have reported reduced spending on clothing and footwear, as well as spending on branded supermarket consumer products. Also noteworthy are the findings in relation to important purchases such as a house, furniture, electrical appliances or a car, technology items or even for home renovation where the vast majority responded negatively, that is to say they will not make such expenditures (percentage ranging between 67 % and 80%).
