InsiderBusinessInflation, energy costs most pressing issues for people in Cyprus - research

Inflation, energy costs most pressing issues for people in Cyprus – research

Increases in the prices of goods, services and energy, are the issues worrying people in Cyprus the most, according to market research conducted by CMRC CYPRONETWORK, on behalf of the Cyprus Consumer’s Union and Quality of Life.

Specifically, 68% of the people who participated in the reseach said they are worried about increasing prices for goods and services, while 60% of the participants answered that high energy costs are worrying them.

Furthermore, around a third (35%) said they are worried about corruption, followed by poverty and social inequality (31%), income reduction (24%), and crime and violence (21%).

Unemployment (17%), high taxes (13%), insecurity due to the Russia/Ukraine war (10%), the coronavirus pandemic (8%), and climate change (7%) are the issues concerning participants, the least.

Cutting down on holidays, clothes due to stagnating wages, rising costs

Household income has remained relatively stable during the last six months 58% of the participants said, however, eight out of ten (81%) said their expenses have increased in 2023.

Additionally, six out of ten reported cutting expenses for entertainment and vacations (58% and 60% respectively). Similarly, six out of ten said they reduced expenses for clothing, footwear, as well as branded consumer products from the supermarkets.

Notably, a large proportion of the participants (percentages ranging from 67% to 80%) said they will not spend on new housing, furniture, appliances, or vehicles, as well as technology products or home renovations, in the near future.

Moreover, there was a significant increase in the percentage of participants who said they are just getting by on their household income (44% compared to 30% in 2021).

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