Soaring prices and energy costs are the top concerns for Cypriots, according to a new survey by CMRC CYPRONETWORK LTD for the Pancyprian Consumers & Quality of Life Association.
The survey found that 84% are worried about rising prices for goods and services, while 72% are concerned about energy bills. Cypriots are most concerned about soaring prices and energy costs, which have become a significant burden on household budgets.
Secondary Concerns
Crime and violence (38%), corruption (32%), and poverty (30%) ranked as secondary concerns. Issues like climate change (13%) and the Russia-Ukraine war (6%) caused less immediate anxiety among respondents. These findings suggest that while global issues are on the radar, local economic pressures are more pressing for Cypriots.
Cautious Optimism in Household Finances
The survey also revealed a sense of cautious optimism regarding household finances. While four in ten households reported only “getting by,” there was a rise in the number who felt comfortable with their income (30% in 2024 vs 21% in 2023). This aligns with the finding that household income has remained relatively stable compared to the previous year, with 58% reporting stability.
Shifts in Consumer Spending Habits
Consumer spending habits have also shifted slightly. There’s been a decrease in overall purchases compared to 2023, with fewer households reporting they are increasing spending (12% vs 18%). Those reducing purchases have also decreased (34% in 2024 vs 40% in 2023). This trend indicates a more cautious approach to spending, likely influenced by economic uncertainties.
Prioritizing Essentials and Long-term Goals
Cypriots appear to be prioritising essentials and long-term goals. Home maintenance (45%) and improving quality of life (38%) are the top spending categories, followed by investments in children’s education (29%) and savings (26%). This shift suggests that while immediate economic concerns are paramount, there is also a focus on securing a better future.
