Cypriots curb entertainment, not food: survey

Fri Dec 19, 2008 1:36pm EST
 
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NICOSIA (Reuters) - Cypriot consumers have tightened their belts on entertainment but many will not curb spending on staple items, a central bank commissioned survey showed on Friday.

Some 41 percent of Cypriots quizzed in the survey said their spending patterns on food were unchanged, while 31 and 38 percent said they were spending less on clothing and entertainment respectively.

"A mild trend of constraining private consumption is noted in most demographic groups," the Central Bank said in a news release.

"As far as Christmas is concerned, households expect that their spending will be slightly lower compared to previous years," the Central Bank said.

Eighty eight percent of respondents said they had no plans of taking out private loans in the immediate future, and 85 percent said they had no plans to buy a new car. Thirty six percent said they planned to spend the same amount of money on their summer vacations.

Some 705 Cypriots took part in the survey compiled by the European University Nicosia.