Cypriots open wallets for Xmas

Cypriot consumers plan to spend 12% more this year on Christmas shopping, budgeting the amount of EUR 1103, second behind the Irish who plan to spend EUR 1339 on average according to the Christmas Survey conducted by Deloitte & Touche in 14 countries including Cyprus.

Deloitte Managing Partner Cyprus Christis Christoforou said this is the first time that Deloitte Cyprus decided to join the annual survey carried out in many other countries, which brought out some very interesting spending patterns and shopping habits.

Nicos Papakyriacou, of Deloitte Nicosia who was in charge of the Cyprus survey told a briefing that the Cypriot Christmas budget of EUR 1103 is near double the average of the other countries at only EUR 662.

The survey was conducted through the Internet and by telephone interviews based on a representative section of the population.

The biggest part of spending is targeted on gifts and presents at a budget of EUR 678, compared to EUR 824 spending on gifts by the Irish, EUR 384 in Greece and EUR 270 in Turkey.

Hardware and console top the list of the 10 most popular gift items in Cyprus intended for people below 12 years, followed by traditional toys and dolls with money the least popular.

For those above 12 and in the 12-18 age bracket, the most popular gift item in Cyprus is clothing, which is also the same for elders. Clothing is also the most popular item sought by females in Cyprus, which is satisfied by 63% of males polled in the Deloitte survey. Jewelry is the second most preferred item by women, which is satisfied by 27% of men, while cosmetics is only preferred by 14% of women, yet is the second most popular item picked up by males as a gift intended for their female partners, the Deloitte survey found.

As was usual to expect, 75% of Cypriots will be late to start making their Christmas shopping, with 65% continuing to shop on Xmas eve and after Christmas day.

About 75% say they intend to buy from specialized shops, 62% from traditional shops and 53% from supermarkets, 12% from discount stores, 9% from luxury stores and 9% through the Internet.