Cyprus Mail

Household incomes down in 2013, says survey

By Constantinos Psilides

NEARLY NINE out of ten of households or 86 per cent of those surveys said that their income was reduced in 2013, according to a poll conducted by the Cyprus Consumer Association and Quality of Life.

Nearly half, or 48 per cent of the 1,000 people that took part in the survey from October 23 to November 6 said that their income was reduced ‘a lot’ while 38 per cent said that it was reduced. A further 11 per cent said that their income remained the same and only 1 per cent of households said their income increased. The remaining 2 per cent did not answer the question.

The reduced income had an effect on shopping habits with 84 per cent reporting that they shop less than they used to and 14 per cent saying that their shopping habits haven’t changed.

The highest percentage of households reporting a drop in shopping habits is in Limassol district (92 per cent) and the lowest in Famagusta with 39 per cent.

The poll also showed that 89 per cent of Cypriot households cut back on shoes and clothing, 79 per cent on entertainment, 61 per cent reduced the purchase of electronic appliances and 57 per cent cut back on daily goods like milk and bread.

Asked to rate the coupons and offers made by the retailers, 64 per cent said they were ‘not satisfied’ while 31 per cent said the offers were ‘good’.

As regards the current level of prices, 45 per cent said that prices remained the same, 29 per cent said that they are lower and 26 per cent said that goods are now more expensive than a year before.

People interviewed for the poll think that the future is bleak, with 95 per cent saying that households won’t be able to cope with the current financial situation.

Nearly all respondents, or 97 per cent agreed with the statement that “the government should help households” while 86 per cent even believe that people are profiting from the financial crisis.

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