Retailers in Cyprus reported a slight improvement in Black Friday sales, particularly during Friday afternoon and over the weekend, despite initially low expectations and consumer hesitation.
Market sources told Phileleftheros that two main factors contributed to the increased footfall: the coincidence of payday with Black Friday, which fell on the last Friday of November, and the recent shift to cooler weather that prompted winter clothing purchases.
Retailers noted an unexpected shift in consumer behaviour this year, with clothing and footwear sales outperforming the traditionally dominant technology sector. This change may reflect consumers’ reluctance to commit to higher-value purchases amid economic pressures, market observers suggested.
The Black Friday event’s diminishing impact on the Cypriot market has raised questions about retailers’ discount strategies, with most offers ranging between 15-35%, significantly lower than the original U.S. model’s 80-90% reductions.
According to Ministry of Finance data, online shopping in Cyprus has seen substantial growth, with 63.6% of internet users making online purchases in the first quarter of 2024, up from 55.3% in the same period of 2023. Women showed slightly higher engagement in online shopping at 66.3% compared to men at 61%, while the 16-24 age group led adoption with 79% participation.
The ministry’s figures revealed that clothing, footwear, and sportswear dominated online purchases at 85.3%, followed by restaurant and catering services at 78.8%, computing equipment at 53.4%, and beauty products at 33.4%.
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