Cyprus’ electronics and appliance market is expected to experience additional growth in 2024, according to John Vasilakos, Vice President and CEO of Kotsovolos – Dixons South East Europe.

Speaking to local news outlet InBusiness, Vasilakos also expressed optimism about the Cypriot economy, stating that “growth will persist with decreasing unemployment and inflation rates, propelling the electronics market upward”.

Moreover, focusing on changing consumer shopping habits, Vasilakos highlighted that due to them having to adjust to a higher cost of living, “consumers are changing their in-store and online shopping behaviours”.

He explained that consumers now tend to opt for cheaper products, and choose where to buy appliances and other items based on price, while they also make full use of online comparison sites to seek out deals, discounts and other offers.

In anticipation of 2024, Vasilakos said that “with an investment account of €13.4 million for 2022-2023 and a total investment plan of €20m for 2023-2024, we are aiming to fortify our presence and offer high-level services across Cyprus”.

Elsewhere, Vasilakos explained that “technology, especially artificial intelligence, is pivotal in shaping market trends, enhancing consumer interaction, and overall experiences.”

Furthermore, he noted that the company’s goal for 2024 is to evolve into a “value chain that contributes to a better life for all”.

Finally, in terms of challenges, aside from consumers’ incomes being squeezed by inflation, something which may end up having long-term effects, there is also the ongoing issue of labour shortages, which continues to trouble several sectors of the economy.