Nearly half, or 48% of the 1,000 people that took part in the recent survey said that their income was reduced ‘a lot’ while 38% said that it was reduced. A further 11% said that their income remained the same and only 1% of households said their income increased. The remaining 2% did not answer the question. The reduced income has had an effect on shopping habits with 84% reporting that they shop less than they used to and 14% saying that their shopping habits haven’t changed. The highest percentage of households reporting a drop in shopping habits is in Limassol district (92% ) and the lowest in Famagusta with 39%.

The poll also showed that 89% of Cypriot households cut back on shoes and clothing, 79% on entertainment, 61% reduced the purchase of electronic appliances and 57% cut back on daily goods like milk and bread. Asked to rate the coupons and offers made by the retailers, 64% said they were ‘not satisfied’ while 31% said the offers were ‘good’.

As regards the current level of prices, 45% said that prices remained the same, 29% said that they are lower and 26% said that goods are now more expensive than a year before. People interviewed for the poll think thatthe future is bleak, with 95% saying that households won’t be able to cope with the current financial situation. Nearly all respondents, or 97% agreed with the statement that 'the government should help households' while 86% even believe that people are profiting from the financial crisis.

Source: Cyprus Mail