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16 June, 2024
 
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Will Black Friday's shopping basket be lighter this year?

Unpacking the unusual November retail landscape

Maria Eracleous

Maria Eracleous

The November market outlook differs this year. Traditionally a slow month for retail, Black Friday may not bring the usual sales surge. In "K," insiders note subdued retail traffic, cautious consumer spending, and a mix of factors impacting behavior, including economic conditions, inflation, discount durations, amounts, and even weather.

Black Friday Challenges in Cyprus
Cyprus faces a challenging Black Friday as consumer optimism remains low. High household operating costs, driven by food and fuel inflation, limit monthly incomes.

The Middle East conflict adds economic uncertainty, and unusual November weather impacts sales, especially for winter clothing and footwear. Black Friday, one week before wage payments, reduces purchasing power.

Offers, ranging from 20% to 50%, may not be enticing, especially when implemented days before the event.

Navigating the Discount Landscape
Consumer Association spokesperson Virginia Christou highlights potential "traps" during discount periods. Consumers should verify if offers are from new or old stock, understand store-specific discount policies, and be wary of misleading tactics.

Concerns include advertisements for sold-out products, ambiguous discount labels, return policies affecting discounted items, and online offers that may not live up to advertised discounts.

Parliament Addresses Discount Issues
The Trade Committee of the Parliament will discuss discount practices in Cyprus, coinciding with Black Friday.

With sales no longer governed by a specific legislative framework, the discussion aims to address existing problems and explore potential solutions.

The meeting on Tuesday will assess if a legislative gap exists in regulating discounts, reflecting the need for clearer guidelines in this retail landscape.

[This article was translated from its Greek original]

TAGS
Cyprus  |  blackfriday  |  offers  |  economy  |  money  |  shopping

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