The clothing and footwear sector has seen increased trading activity and sales following the holiday season, despite underwhelming performance during the period itself, Stefanos Koursaris, CEO of POVEK, reports. Discounts of 20-50% are being offered this year in an effort to boost purchasing, according to both POVEK and the Cyprus Consumers’ Association.
Koursaris stressed the importance of businesses offering fresh products at competitive prices to entice consumers, while also underlining the need to formalize sales. He criticized practices such as continuous discounts and elongated Black Friday events, which he believes have eroded trust in sales events and may manipulate uninformed consumers.
Consumer complaints have also risen, particularly concerning return policies and instances of potential fraud, with around 20-25 cases reported, noted Virginia Christou, legal officer of the Cyprus Consumers’ Association. Amidst these rising sales, discounts, and consumer complaints, Christou highlighted the importance of a binding code of consumer ethics and encouraged shoppers to conduct thorough market research prior to making a purchase.
