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Images that in no way resemble the phenomena that prevailed during the first years of the application of Black Friday in Cyprus prevail so far in the shopping streets and shopping centers, while the institution is already underway, even though its official peak day is next Friday, November 29.
Negative sentiment among consumers, shrinking purchasing power, broader precision and an inevitable focus on basic necessities are not helping the retail Black Friday institution, which, year after year, is showing signs of fatigue and decline.
Small basket and numb market
The data so far do not allow excessive optimism among shopkeepers and although Cyprus, following the example of large European countries, has proceeded in recent years to expand the institution throughout the week, however retailers keep a small basket both for traffic and and for turnovers.
In his statements at
InBusinessNews
, the general secretary of PASYLE, Marios Antoniou, stated that the climate of pressure and uncertainty among consumers has remained for some time, stressing that negative psychology does not help consumption.
“Consumer sentiment is turning to essentials and market sentiment is numb. We keep a small basket, low expectations and expect to see how the movement will develop on Friday and the three days that will follow", he pointed out.
However, one positive parameter that could not be counted during the previous years of Black Friday implementation is the fact that by Friday the majority of public and private sector workers will have been paid their monthly salary.
15%-35% off or older stock
Discounts are expected to range from 15% to 35%, while in the event that discounts of more than 40% are applied, they will concern, in the vast majority, older stock products.
"Due to the size of the Cypriot market, we do not have the possibilities that large countries have for discounts of 70% and/or 80%. The major issue, however, is to make real discounts and to apply the strict legislation to the letter and to impose fines, in cases where it is proven that some are illegal by applying unfair commercial practices", underlined Marios Antoniou, explaining that consumers have the accumulated power to reward or punish a business, with the most negative advertising for a store or business being word of mouth.
Harbinger of the holidays and the most commercial month
Technology products, electronic and electrical appliances, which, at this time, are a pole of attraction for buyers, will have their place of honor again this year, as is traditionally the case every year.
The expansion of the institution of Black Friday is not a Cypriot phenomenon, but is a practice applied in major European countries.
Retail's Black Friday, which has been underway since last Monday and is set to last for around a week, heats up the market as it heralds the busiest time of the year, the final month of the year, with massive buying across all retail sectors , including food, clothing, footwear, toys, electrical appliances, electronic devices and technology products.
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