Cyprus has consolidated its reputation as a resilient economy following the global coronavirus pandemic but the war in Ukraine inevitably caused fresh numbness in the retail trade sector.
Daily tragic war news and the prevailing global insecurity has made consumers a lot more reluctant to spend money – especially to buy new clothes and shoes, insiders told Philenews.
Shop keepers all across Cyprus feel twice as insecure since they cannot predict what the future will bring since warnings that a rising inflation is unavoidable abound.
The obvious consequence from the Ukrainian crisis that tourists from Russia won’t come this year is an additional cause of concern.
At the same time, weather conditions aren’t helpful either. The continued freezing temperatures which seem to be getting worse since the beginning of March do no help the market which has officially entered the Spring season.
Yet, consumers feel too cold to go out shopping, plus who buys spring clothes when still wearing a ski jacket to feel warm?