Black Friday has lost its significance in Cyprus, according to the Secretary-General of the Cyprus Confederation of Professional Craftsmen and Shopkeepers (POVEK), Stefanos Koursaris. Speaking to the Cyprus News Agency, he described yesterday’s activity in the market as just a "normal day."

"Yesterday was an ordinary day," Koursaris said, adding that businesses have effectively "weakened" the Black Friday tradition. "We visited the market, and it was an ordinary day. There were no queues at any store, not even at the large retailers that traditionally enjoy higher traffic on this day. There was nothing special," he noted.

Koursaris explained that Black Friday, which is a highly successful event in other countries, has been "downgraded" by Cypriot businesses. Discounts now begin one or two weeks before the day itself, undermining the concept of one-day-only sales with significant price reductions.

"This has caused Black Friday to lose its essence as both an event marking the start of the Christmas shopping season and a special occasion for major discounts," he said. He also highlighted that the practice has led to more skeptical consumers who approach the sales with caution.

Discussing the broader state of sales in Cyprus, Koursaris stated that the situation is "completely chaotic" due to the lack of legal regulations for sales periods, unlike in 19 other European countries where such practices are legally defined and time-restricted.

"When a store advertises discounts frequently or even year-round, consumers lose trust in the sales process, which is why there are so many complaints," he explained.

POVEK has repeatedly proposed to the Ministry of Commerce the reinstatement of regulated clearance sales periods, suggesting an increase from two annual periods to four. Koursaris emphasized that these periods should be organized across all businesses, offering significantly lower prices to benefit both businesses and consumers.

However, he acknowledged resistance from some merchants, particularly larger retail chains with strong advertising power, who favor the current unregulated environment. "We will keep fighting for this," he concluded.