Olympios Toumazou: Cypriot consumers behave like cats on a rooftop

"The Cypriot consumer is in a state of constant mutation, with behaviours reminiscent of the cat on the rooftop - quiet, cautious, but also extremely adaptable," said the Executive President, RAI Consultants Ltd, Olympios Toumazou, in the context of the 22nd Cyprus Grocery Retail Conference presented by Alphamega Hypermarkets.

According to the expert, retailers must recognise that they are dealing with a "crisis consumer," who is influenced by social, demographic and economic changes that are redefining their consumer criteria.

Based on extensive data analysis of the Cypriot market and utilising the example of Darwin's theory of evolution, Olympios Toumazou presented an in-depth, three-part analysis of today's consumer behaviour through the prism of "DNA", "environment" and "behaviour".

The population is growing, but changing: more older age groups, smaller households, more time spent outside the home and less time shopping and cooking. At the same time, the percentage of foreign residents is increasing significantly, now reaching 22%.

The environment in which the consumer operates in Cyprus is a landscape of disorganisation: inflation, limited incomes, increasing cost of living and a generalised lack of trust in institutions.

Their values ​​are being redefined and their purchasing psychology is vulnerable. Advertising is losing ground as a source of information, with only 16% trusting it, while 72% rely on friends and social contacts to choose products and brands.

The transition to the digital environment is accelerating. Over 94% of the population uses the internet, with social media use now universal, especially among younger generations.

However, the overabundance of advertising content makes it more difficult to reach the consumer, who now seeks immediate gratification, substantial value, and personalised experiences.

The local consumer is now smarter, more informed, more demanding and less loyal to brands. According to RAI, visits to different supermarkets reach an average of three per month, while only 7.5% of the products purchased are private label, an indication that price does matter, but trust and quality have not disappeared.

Toumazou suggested that retailers reconsider their strategies in light of adaptability and respect for the new consumer.

The "cat consumer" demands alertness, speed, honesty and a real understanding of their needs from businesses. The path to trust passes through authentic experiences, transparency and a focus on the essence, not on promises. And as he concluded characteristically: "He who ignores the nature of the cat will never win it over."

(Source: InBusinessNews)