Cypriot retailers are gearing up for a wave of winter sales starting this week, following a robust holiday shopping season.
While there is no formal or set sales period, it has become customary for discounts to be announced after the Christmas holidays, typically beginning in early January.
Some retailers have already launched their promotions earlier this month, as early as Friday, January 3, but the majority are expected to follow suit starting today.
The Christmas and New Year period saw increased commercial activity, as expected, confirming December’s reputation as the most lucrative month for retail.
Those who held off making purchases and only conducted market research during the holidays are now likely to take advantage of the discounts.
Marios Antoniou, general secretary of the Cyprus retail trade association (Pasyle), expressed his satisfaction with the sales performance during the holiday season, particularly in the gift and clothing sectors.
“People went ahead with their purchases, and as representatives of the retail sector, we can only be pleased with the outcome,” he told Philenews.
Regarding the winter sales, Antoniou clarified that for the past 15 years, following a supreme court ruling deeming the law that regulated the sales period unconstitutional, retailers have been free to announce discounts whenever they choose.
Previously, the Trade Minister would decree the start and end of sales periods, but this practice was abolished, allowing the market to operate more freely—a change that Antoniou believes benefits consumers.
While there is no longer a fixed sales period, it remains customary for discounts to emerge after Christmas.
Antoniou noted that this year, most retailers are expected to begin their winter sales after the Epiphany, on January 7.
He also urged retailers to ensure that any discounts offered, whether 15, 20, or 30 per cent, are genuine.
“We must adhere to the law and be honest with consumers,” Antoniou stressed.
“If businesses violate these regulations, they face hefty fines, and more importantly, consumer trust will be lost, leading to even greater damage in the long term,” he added.
Looking back at the previous year, Antoniou described 2024 as “exceptional for retail”, with positive growth reflected in statistics.
He said that the increase in turnover was expected, largely due to rising prices.
However, he explained that the volume increase in retail turnover suggests that the market is expanding.
This growth has been spurred by the strong performance of tourism, which has benefited retail, as well as by foreign residents—particularly Russians, Ukrainians, and Israelis—who have come to Cyprus for either permanent or temporary residence.
Antoniou highlighted that retail now ranks as the second-largest sector in Cyprus by GDP contribution, with an annual turnover exceeding €3.5 billion.
Supermarkets account for the largest share, generating approximately €2.3 to €2.4 billion per year.
Furthermore, he said that the outlook remains positive, as both international and local companies are showing interest in entering or expanding in the Cypriot market.
According to recent figures from the state’s statistical service, the Retail Trade Value Index increased by 7.2 per cent in November 2024, compared to the same month in the previous year.
In addition, during the same month, the Retail Trade Volume Index rose by 6.3 per cent compared to the previous year.
For the period from January to November 2024, the Retail Value Index saw an increase of 5.4 per cent, while the Retail Volume Index rose by 4.3 per cent compared to the same period in 2023.