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Consumer Profile
Cyprus has a population of around 1.2 million people, with a GDP per capita estimated at USD 29,550 in 2021 by the IMF (around USD 6,000 lower than pre-crisis and the “Troika” economic bailout program levels).
Even though the whole of the island is part of the EU, the implementation of the European legislation has been suspended in the area administered by Turkish Cypriots, known locally as the "Turkish Republic of Northern Cyprus" (TRNC), until political conditions permit the reunification of the island. The economy of the TRNC is market-based and it represents roughly one-fifth the size of Cyprus’. In this part of the island, consumer habits are more similar to those of Turkey.
Consumer Behaviour
Consumers’ behaviour has changed following the economic crisis. In fact, in recent years consumers have become more discerning, with people making more cautious and practical decisions about their purchases.
Nowadays, price is the main factor driving consumers buying process. In general, many companies are family-owned and Cypriots are attached to locally based products, although international brand names have successfully entered the market. Foreign brand names are particularly appealing to young generations.
Advertising methods for the local market have become sophisticated and the choice of available media is closer to that of other developed countries.
Consumers Associations
Cyprus Consumers Association
Cyprus Consumers Union
Consumer Protection Service
Main Advertising Agencies
INC Ideas
Enigma
Aditude Advertising

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Actualitzacions: September 2022

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