Insider Business Coronavirus epidemic to hit consumption hard

Coronavirus epidemic to hit consumption hard

Tourism will probably be the sector to be affected the most from the coronavirus, but the epidemic is also expected to hit consumption hard, even harder than the economic crisis of 2013, Phileleftheros reports.

Even though the extent of the damage cannot be estimated yet because of the prevailing uncertainty, the epidemic’s impact raises concern for a number of industries and businesses.

With the Easter holidays just around the corner, many businesses had high hopes that consumption would rise. However, the spread of coronavirus, increased protection measures and the psychological factor have put a lid on these expectations.

The catering, leisure, clothing and footwear businesses, and, in general, all those that have nothing to do with essentials, are now feeling uncertainty over turnover in the near future.

The tourism sector felt the consequences of the coronavirus from day one, with seasonal hotels, restaurants and leisure centres considering postponing their operation by a month.

Especially after hotels operating all year round have reported only about 20% of occupancy. Companies that are expected to also feel the pain are those supplying the hotel industry with food, beverages and toiletries.

HORECA (Hotel/Restaurant/Cafe) businesses are expected to be hit hard, depending on the duration of the outbreak, along with companies organising conferences and events.

Postponed or even cancelled events, such as conferences, conventions, baptisms and weddings are already on the rise following the Ministry of Health’s decree prohibiting more than 75 people indoors at the same time.

The market’s key players fear a complete stagnation over the coming days since people are already opting to isolate themselves at home, avoiding indoor spaces, restaurants, pubs, bars, and cafes.

In terms of consumption, supermarkets are recording big sales with most popular products being antiseptics and household cleaning supplies.

By Demetra Landou


Read more:


Top Stories

Rain arrives over the weekend. but temperatures much higher than seasonal average

  A warm air current is still affecting the area, but showers and possibly storms are expected on Saturday, with temperatures dropping slightly, but remaining...

Digital Policy ministry ready for distance learning if lockdown imposed

  The Digital Policy ministry assured it was ready on the technical side to organise distance learning, if a total lockdown was imposed over the...

French Embassy express regret over inappropriate behaviour outside its offices, thanks police

  Τhe French Embassy expressed regret over the taking down and destruction of the country's flag outside its offices in Nicosia and a series of...

West wants to relaunch Crusades, Erdogan claims over Prophet cartoons

   Turkey’s leader said that Western countries mocking Islam wanted to “relaunch the Crusades”, heightening a confrontation with France over cartoons of the Prophet Mohammad...

UK-first COVID vaccines ‘likely to be imperfect’ and ‘might not prevent infection’

  The first generation of COVID-19 vaccines "is likely to be imperfect" and "might not work for everyone", the chair of the UK Vaccine Taskforce...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...