Nine out of ten do their home shopping from supermarkets. 19% shop at bakeries.
Four out of ten consumers prefer to make their purchases in shopping centers, with the big spenders being the 25-44 year old audience.
By Maria Herakleous
The previous quarterly survey by “K” on trends in the economy, households and the market showed that Cypriots do not cut clothes and holidays. The third wave of the “Ktrends” survey by “I Kathimerini” newspaper with the support of PwC Cyprus through a survey by the IMR company in collaboration with the University of Nicosia shows that consumers are not expected to significantly reduce their consumption due to price increases and cost of living.
Read Ktrends Q3 trends in detail
In particular, 16% are willing to cut spending on vacations, while only 11% are willing to reduce entertainment expenses. This percentage has decreased significantly compared to the 2nd wave of the survey, which covered the previous quarter. The percentage of those willing to reduce spending on clothing and footwear and on food purchases is at the same levels. With the economic conditions in the household remaining the same according to 40% of the respondents, it is concluded that the consumer mood and behavior will have a positive sign in the next period, or at least will remain at the same levels.
€434 in food
The survey by “K” showed that regarding the amount of expenses for household food needs, the majority, a percentage of 41%, spends between 201-400 euros every month. About three out of 10 make purchases from 401-600 euros per month. Spending for seven out of ten ranges from 201-700 euros. The two extremes of the survey are those who make purchases up to 200 euros per month, a percentage that amounts to 14%, as well as those who spend more than 700 euros per month on food. This percentage amounts to 12%. Available data shows that on average households spend 434 euros each month on food.
Nine out of ten
When it comes to the type of store where consumers make their purchases, supermarkets take precedence there, since around 9 out of 10 do their home shopping from supermarkets. 19% shop from bakeries, with the percentage having decreased compared to the previous quarter, and in terms of choices, small shops and kiosks are following with smaller percentages, which are rising significantly, while the percentage in fruit shops is also increasing. It is noteworthy that there is a small increase in purchases from kiosks and small shops. According to the survey, in the next quarter spending in the food category for 32% of the survey will range from 301-500 euros.
Clothing is on the rise
Consumer estimates for the next three months show an increase in food spending, which appears to be more linked to rising commodity prices due to inflationary pressures in the market. However, a small increase is recorded in the intention to purchase clothing and footwear products. In this category, it is more likely that the expenses will range up to 100 euros, as answered by 57% of the sample, and up to 300 euros per month, as answered by 27%. More broadly, retail trade has been going through a good phase in recent months and this is demonstrated by the latest figures from the Statistics Office, those for February, which show an increase of 13.9% in value and 7.3% in volume overall. In the clothing and footwear category the percentage change from last year to this year is 23% and in food retail 15%. In particular, the third wave of research has shown that the preference for purchasing consumer goods is department stores, followed by shopping centers and purchases from online stores. An important finding of the survey is the intention to purchase technology devices, which records a decrease compared to the previous quarter, however it is estimated to be temporary.
Increased consumer preference for shopping centers, which is reflected in the turnover of malls. In fact, in a recent report by “K”, the figures speak of an annual turnover of over half a billion euros and a 25% increase in turnover compared to last year, as well as a 30% increase in traffic levels. This trend towards closed shopping centers remains, as the quarterly survey of “K” demonstrates. According to the findings of the survey, four out of ten consumers prefer to make their purchases in shopping centers, with the big spenders being the 25-44 year old audience. Department stores are also high in the preferences of consumers, among older people.