"The world is active but not spending," observed Giorgos Ellinidis, President of POVEK, reflecting on the recent festive season's market trends in an interview with Cyprus News Agency.

Ellinidis pointed out that significant commercial activity now gravitates towards large supermarkets, with people moving away from city centers to shopping malls. "There wasn't much activity, except in the last couple of days," he noted.

Regarding Nicosia, Ellinidis reported a concerning trend: "The city faces sales problems," he said, highlighting the struggles of store owners to cover rents and expenses. "The market has dwindled; it's not the same anymore."

When asked if festive events in urban centers boosted the market, Ellinidis clarified that these events improved recreation, not commercial activity. "They made for enjoyable days out, but did not increase spending in retail stores," he said.

Ellinidis mentioned that rising costs for products, electricity, and gasoline are causing consumers to cut back. "This year's market movement isn't an improvement over last year's," he observed. "In cities, only the catering business thrives in the evenings, not the retail shops."

Discussing the upcoming days of the festive period, he predicted a continuation of current trends. "The cost of Christmas festivities had an impact. There will be some activity, but not enough to fill the gaps from other periods," he explained.

Regarding discount seasons, Ellinidis spoke of a "market anarchy" due to unregulated discounting. "People no longer anticipate the discount period as they used to. Discounts used to be effective when set on specific days. Now, with constant, unscheduled discounts, their significance is diminished," he concluded.