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Energy Consumption Costs Soar For Cypriot Consumers

by THEFUTURE.TEAM

July 15, 2024

As Cyprus grapples with soaring temperatures, the financial burden on consumers due to increased energy consumption is becoming apparent. The Cyprus Electricity Authority (EAC) has reported a significant uptick in electricity bills, driven not by rising energy prices, but by extensive use of air conditioning units.

Rising Costs

According to the EAC President, George Petrou, electricity bills for June and July 2024 are projected to increase by approximately 1.5% compared to May. This rise is attributed to the heavy reliance on air conditioning, necessitated by the extreme heat. Petrou highlighted that while fuel prices have remained stable due to pre-purchased stock, the intense use of air conditioning has led to higher consumption rates, thereby increasing costs for consumers.

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Recommendations for Consumers

To mitigate these costs, the EAC advises consumers to use air conditioners judiciously. Petrou recommends setting air conditioners to 26 degrees Celsius, noting that each degree lower can increase energy consumption by up to 6%. This means that setting an air conditioner to 18 degrees instead of 26 can lead to a 40% rise in energy usage. Consumers are also urged to ensure windows are closed while air conditioners are in operation to maximise efficiency.

Economic Implications

Kostas Karayiannis, Head of the Consumer Protection Service, pointed out that electricity costs and high interest rates are major concerns for households and businesses. While a recent decrease in fuel prices provided some relief, there is cautious optimism about the stability of these prices in the near future.

Government Measures

The Cypriot government has extended its subsidy on electricity prices and maintained a zero VAT rate on 11 essential consumer goods until October 2024. These measures aim to alleviate the financial strain on consumers during the peak summer months. Marios Drousiotis, President of the Cyprus Consumers Association, commended the government’s initiatives but cautioned that consumers will still face significant electricity bills due to the necessity of air conditioning in the high temperatures.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.