Black Friday delivered a small lift to retail sales in Cyprus, as a drop in temperatures and end-of-month deals encouraged shoppers to buy winter clothing, according to industry stakeholders.

However, limited discounts and changing spending habits left many retailers questioning the event’s relevance.   

Retailers approached the day with cautious expectations, citing reduced consumer enthusiasm for spending.

Still, foot traffic picked up slightly by Friday afternoon and through the weekend, offering a temporary sales boost.   

Market analysts attributed the improvement to two key factors. These include Black Friday coinciding with the end of the month, as well as colder weather spurring demand for winter apparel, which had been overlooked during the unusually warm autumn.   

Notably, consumer preferences shifted this year. While technology products traditionally dominate Black Friday, clothing and footwear emerged as the best-sellers.   

“To buy a smartphone or gaming console, you need a significant budget, which consumers seem unwilling to spend while prioritising basic needs,” a retailer explained.

“Meanwhile, buying a pair of shoes or trousers costs far less,” they added.   

The muted appeal of Black Friday has reignited debate among Cypriot retailers over the effectiveness of their discounting strategies.

This year, discounts ranged between 15 and 35 per cent—far below the dramatic 80–90 per cent cuts seen in the United States.

Many retailers acknowledge that such modest offers might be diminishing local enthusiasm for the event.   

Attention now turns to Cyber Monday, dedicated to online shopping, which the Finance Ministry flagged as a growing trend.

“Cyber Monday, the ultimate day of online shopping, provides an opportunity to explore the evolving habits of Cypriot consumers,” the ministry said.   

Recent data underscores this trend. The 2024 Survey of Information and Communication Technology Use in Households, co-funded by the European Union, revealed that 63.6 per cent of Cypriots made online purchases in the first quarter of 2024, up from 55.3 per cent in the same period of 2023.   

Women (66.3 per cent) were slightly more likely than men (61 per cent) to shop online, while young people aged 16–24 led the way, with 79 per cent making purchases.   

Clothing, footwear, and sportswear topped online shopping categories, purchased by 85.3 per cent of shoppers, followed by food orders from restaurants and fast-food outlets (78.8 per cent).

Technology accessories, including computers and tablets, ranked third (53.4 per cent), while beauty products accounted for 33.4 per cent of purchases.   

October retail sales

Meanwhile, Cyprus’ retail turnover value index increased by 4.7 per cent in October 2024 compared to the same month in the previous year, according to a report released on Monday by the state’s statistical service.

In the same month, the retail turnover volume index rose by 4.6 per cent compared to October 2023.

In terms of value, the largest annual increase in October was recorded in the category of food, beverages, and tobacco in specialised stores.

Meanwhile, the largest annual increase in the volume index was observed in educational supplies and recreational items (books, stationery, sports equipment, toys).

The largest annual decrease in both the value and volume indices was seen in non-store retailing in October.

For the period January–October 2024, the value index is estimated to have increased by 5.2 per cent, and the volume index by 4.1 per cent compared to the same period in 2023.