Foreign Residents and Changing Consumer Habits Strengthen Cyprus Retail Market
The Cyprus retail market recorded a solid performance this summer despite ongoing inflation, driven by an influx of foreign residents and evolving consumer habits. According to Pasyle secretary-general Marios Antoniou and supermarkets association executive secretary Andreas Hadjiadamou, consumers are visiting supermarkets more frequently but purchasing smaller baskets, focusing on essential items and comparing prices across several stores.
Inflation remains a challenge, with the Harmonised Index of Consumer Prices rising 4.4% year-on-year in July. Price increases were notable in food, housing, and hospitality sectors, while clothing prices fell. Shoppers have become more selective, seeking better deals and turning to private-label products perceived as quality yet affordable alternatives. The growing permanent population of Israeli, Russian, and Ukrainian residents is boosting spending and attracting retail investment.
Retail turnover volume increased by 4.9% in the first half of 2026, supported by tourism, seasonal sales, and the demand for school supplies, which tend to peak in early September. This broader consumer base and smarter shopping behaviors underpin a positive outlook for Cyprus’s retail sector going forward.
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