Four new studies released by the Hellenic Bank shows that Cypriots prefer taverns and restaurants for a good night out while choosing a one or two day holiday to relieve the burden of everyday pressure.
The four studies regard trends in the tourism/recreation, retail, technology and real estate sectors in Cyprus and show that Cypriots are starting to spend more.
However, the study also reveals that Cypriots recognize the implications of the economic crisis and have indicated that they are now a lot more careful and would willingly cut back on expenses and vacations if necessary. They also indicated that they would not go ahead with expensive purchases and home improvements as household income was still very tight.
Despite this, 17% of Cypriots are likely to spend more on food over the next 12 months while the majority of those asked said that they frequent restaurants and taverns more regularly than they do cultural events.
Statistically, 81% of Cypriots frequent a tavern 1.5 times per month and restaurants 2.2 times per month while 44% indicated that they frequent clubs, bars or pubs 2.6 times per month.
Attending cultural events was relatively down with 50% indicating that they attended theatrical productions less than once a month while musical concerts fared slightly worse.
One in three Cypriots indicated that they were going on a summer vacation but over 50% stated that they preferred short breaks. 43% indicated that they would be holidaying in Cyprus due to economic reasons while 24% did not intend on taking a break.
One in three Cypriots planned on traveling abroad for their summer vacation with 25% indicating the reason was for visiting family and good deals.
Six out of ten Cypriots, according to the study, believe the retail sector is markedly more expensive than 2016 while over 50% believe that prices will continue to rise.
The study has shown an increase of movement in the retail market but by and large revolves around daily shopping as most Cypriots are still reluctant to make expensive purchases.
Most Cypriots prefer to shop at malls (79%) and supermarkets with the electronics market showing signs of being an alternative market.
Of those that took part in the study, 73% indicated that they owned a smartphone and is the first choice for internet access with 90% using their phones for internet surfing while seven out of ten have downloaded communication aps such as viber and whatsapp to communicate with their friends.
Smart phones ar