CYPRIOTS are among the biggest spenders during Christmas and other holiday seasons, according to results released yesterday from a survey on holiday spending habits.
Among the 14 countries that the consulting firm Deloitte surveyed, Cyprus came second only to Ireland in total spending per capita for gifts on holidays, while Cyprus overwhelmingly spent the most on food – over a quarter of their total holiday spending.
Board of Directors member in charge of the Nicosia Deloitte office, Nicos Papakyriacou said the fact that Cypriots shell out almost double the survey average on food “suggests that we Cypriots are either gourmets or hyper-consumers”.
Over 340 people in Cyprus ranging from 16 to 65 were interviewed over the telephone or internet for the survey, the first one on holiday spending conducted in Cyprus. The other countries surveyed were Ireland, Germany, Holland, Belgium, France, Spain, Portugal, Italy, Greece, Turkey, Russia, South Africa, and the UK.
The survey found that Cypriots on average spend 1,103 euros per year during holiday seasons, second only to the Irish who spend 1,299 euros. The British are the third largest spenders at 1,057 euros per year, while the Germans and the Dutch are the most spendthrift citizens at 435 and 426 euros respectively.
The survey found that developing countries spent the largest portion of their income on holidays, with the third largest spenders (proportional to incomes) being South Africa, at around seven per cent of household incomes, Turkey at close to 12 per cent and Russia at around 13 per cent.
The Dutch and the Germans not only spend the least number of euros yearly on holiday shopping, they also spend the lowest percentage of their household income (around 1.5 per cent). Though the Irish are the biggest spenders, they spend only 3.5 per cent of their household income.
Cypriots, on the other hand, spend close to 6.5 per cent of their domestic income, just behind South Africans.
Papakyriacou said that Cypriots may spend such a high percentage of their incomes on holiday shopping because they receive a 13th salary in December and because of the island’s prevailing consumerist culture.
But one Irish Cypriot told the Cyprus Mail that she believed it was also in part due to the generous spirit and gift-giving tradition of Cypriots, as well as the extensive network of family and friends, which require the purchase of large numbers of gifts.
The survey found that Cypriots buy more gifts for friends and adults than residents in any other country, giving credence to the view that Cypriots must purchase more gifts because of their intricate and vast social webs.
Only 39 per cent of respondents said that they knew what gifts children under the age of 12 might want, compared to the survey average of 60 per cent. The survey concludes that this “creates a provocation for traders to target both groups [adults and children]”.
In Ireland, Cyprus and Spain, the most expensive gifts go to children. But though over one in four children under the age of 12 in Cyprus prefer electronic equipment like consoles and hardware, most Cypriot children receive clothes and books.
The top three kinds of gifts Cypriot adults desire are – in order of preference – clothes, jewelry and books, while the top three given are clothes, house ware and cosmetics and perfumes.
The survey found that women in Cyprus prefer receiving clothes, jewellery and cosmetics and perfume. But men in Cyprus often buy women CDs and DVDs, electronic equipment, and household appliances, despite the fact that these fall at the bottom of women’s wish list.
The survey did not give statistics on what men wanted to receive and what women purchased for men; although Papakyriacou noted that there was additional survey data not released yesterday.
Cyprus has the lowest internet use of all countries interviewed (around 12 per cent) compared to the survey average of 38 per cent.
Cypriots generally do not start shopping until later in December and 65 per cent continue to shop after Christmas.
According to the survey, Cypriots are expected to spend 12 per cent more this year than last year.
