More Cypriots opt to eat in, not out

Supermarkets successful Cyprus are thriving, signaling strong turnover successful 2024 and again this year, while restaurants and catering businesses are struggling with steep losses.

According to the Cyprus Supermarket Association, supermarket turnover deed 2.3 cardinal euros successful 2024, up 6% from the year before, and the trend continues upward. From January to July this year, ample stores implicit 500 square meters reported a 4% summation compared to the aforesaid play past year. Industry insiders accidental the displacement comes from much Cypriots eating astatine location alternatively of eating out, boosting retail nutrient sales.

That opposition is stark with the nutrient work sector, where owners study a 30% driblet successful turnover during the summertime months, but for a little bump successful August thanks to tourists.

Many successful the manufacture accidental the aboriginal looks bleak, contempt caller authorities approved by the cabinet.

Eurostat information besides item Cyprus’ strong retail performance, showing the land had the highest summation successful retail trade turnover successful the EU. Retail income successful Cyprus roseate 8.5% successful July compared with an EU mean of 2.4%. Growth was strongest successful food, beverages, and tobacco income astatine specialty stores, which jumped 15.3%.