Cyprus Business Now

The hospitality industry has experienced a change in consumer behaviour during the coronavirus pandemic, according to research conducted by Insights Market Research (IMR) on behalf of Corporate Events and Media organisation IMH.

The findings of the research, which were presented during the Food and Beverage, Horeca Business Conference, indicate that the majority of consumers have stopped visiting restaurants and other hospitality venues, changed their eating habits and have increased their spending on online food delivery services.

According to the research, 72 per cent of those questioned said that they have changed their eating habits, while 81 per cent have decreased their visits to hospitality venues.

90 per cent of participants said that they now use online food delivery services more than they used to, while 80 per cent now make their restaurant choices based on health and safety requirements.

In terms of the type of food Cypriots tend to go for, with more than one choice available to them, 75 per cent said that they prefer the local cuisine, 50 per cent the Italian cuisine, 31 per cent picked Chinese food, while 22 per cent went with the Japanese cuisine.

Further to the above, 71 per cent prefer visiting taverns, 32 per cent international restaurants, 29 per cent fine dining establishments, while 15 per cent prefer fast food restaurants.

Regarding the aforementioned change in habits, 69 per cent of participants said that they prefer eating out during the weekend, 44 per cent said that they tend to visit restaurants with their family, while 41 per cent said that their monthly expenditure on eating out ranges between €51 and 100.

The Cyprus Minister of Energy, Commerce and Industry announced on Tuesday that the application period for its young persons’ entrepreneurship programme has concluded, with the ministry having received 820 applications in total.

The ministry said that each application will be reviewed chronologically, while the entire programme has a €30 million budget.

The initiative falls under the Thalia programme for the period between 2021 and 2027 and, along with funds from the Republic of Cyprus, is co-funded by the European Regional Development Fund (ERDF) and the European Social Fund (ESF).

The ministry added that any applications submitted between November 12, 2021, and December 31, 2021, meaning after the full €30 million budget had already been allocated, will be examined on a first-come, first-served basis, provided there are funds available from any savings that may be achieved.

The Cyprus Stock Exchange (CSE) ended Tuesday, January 18 with profits.

The main Cyprus Stock Market Index was at 69.00 points at 13:58 during the day, reflecting a rise of 0.31 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.36 points, which represents an increase of 0.27 per cent.

The total value of transactions came up to a lowly €59,384.63.

In terms of the sub-indexes, the main and alternative indexes rose by 0.28 per cent and 0.22 respectively.

The hotel index increased by 0.57 per cent, while the investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.94 per cent), Vassilico Cement Works (+0.72 per cent), the Cyprus Cement Company (-0.98 per cent) and Hellenic Bank (+0.96 per cent).