Consumers did not see the big discounts they had expected, and both business owners and consumers told CNA that Black Friday’s impact is declining year by year, mainly due to its poor implementation in Cyprus.
POVEK: Lack of attractive offers
The Secretary General of the Cyprus Confederation of Professional Craftsmen and Shopkeepers (POVEK), Stefanos Koursaris, said this year’s Black Friday was more "subdued," without the early start of previous years. Discounts ranged from 20% to 30%, roughly the same level one can find in stores all year round.
"There were no attractive offers," he noted, "while the biggest discounts were on older stock, which consumers noticed with disappointment."
He added that large brand chains kept this year's products out of the sales, ahead of Christmas.
According to Koursaris, although shopping activity increased because "people had just been paid," continuous year-round discounts have destroyed the role of designated sales periods.
"People no longer expect a particular store to give them a big discount. Anyone who wants to can have a sale whenever they want," he said.
‘Legislative regulation essential’
Koursaris argued that POVEK has been insisting for years on the need for a legislative framework for discount periods.
"In 17 European countries, there are fixed periods. In Cyprus, tolerance leads to misleading practices, pushes, and stock shortages," he said.
At the same time, he pointed out that large shopping centers create conditions of unfair competition due to better infrastructure, parking facilities, extended hours, and greater promotional power, all at the expense of small businesses.
Despite the obstacles, small and medium-sized businesses have invested in specialisation, personal service, and online sales in order to retain their customers, he said.
Ahead of Christmas, Koursaris urged shopkeepers to "be honest", adding that "real discounts maintain the credibility of the store".
Consumers Association: ‘Many left without a bag’
Head of the Consumers' Association Marios Drousiotis presented a somewhat different picture, arguing this year's Black Friday was better than the last, based on a small-scale on-site survey conducted at a technology store.
Asked if the Association received any consumer complaints about discounts, Drousiotis replied six to eight complaints were recorded, half of which concerned "inflated prices" on the day of the discounts.
"Black Friday is declining because of the sellers themselves," says Drousiotis.
"Black Friday is declining and the reason is that sellers are not offering the discounts that consumers expect," he said, adding that many stores only offered discounts on selected items, with new products excluded.
Asked how Black Friday could be made more meaningful and beneficial, Drousiotis said the market needed larger than usual discounts, fewer misleading practices, and greater credibility from opportunists who tarnish the market.
Tips for Christmas shopping
For Christmas Drousiotis offered two basic tips. He urged consumers not to buy a product they don't need, even if it's free, and to do their research before buying something.
"Sometimes the so-called discounted price is higher than the regular price at another store without a discount," he concluded.
Source: CNA