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Cyprus Tourism Revenue Drops 35% In April As Arrivals And Spending Weaken

Cyprus’ tourism sector remained under pressure in April 2026, as lower visitor arrivals and weaker spending weighed on revenue, according to figures released by the Statistical Service of Cyprus (Cystat).

Revenue Slides As Tourist Demand Softens

Tourism receipts fell 35.1% year on year to €197.5 million in April, down from €304.2 million in the same month of 2025. For the January-to-April period, total tourism revenue reached an estimated €443 million, compared with €582.5 million a year earlier, representing a decline of 23.9%.

The figures are based on Cystat’s passenger survey, which measures visitor spending upon departure from Larnaca and Paphos airports.

Fewer Arrivals, Lower Daily Spending

The decline extended beyond overall revenue. Average spending per tourist fell by 10.3% to €651.77 in April 2026, from €726.42 a year earlier. Daily expenditure also decreased, dropping to €80.47 from €94.34.

Visitors stayed slightly longer on average, with the length of stay increasing to 8.1 days from 7.7 days in April 2025. That, however, was not enough to offset lower arrivals and weaker daily spending.

Total tourist arrivals fell to 303,031 in April 2026, compared with 418,730 in the same month last year.

United Kingdom Remains The Largest Market

The United Kingdom remained Cyprus’ largest source market, accounting for 39.2% of total arrivals despite visitor numbers declining to 118,742 from 151,883 in April 2025.

British tourists spent an average of €751.92 per person and €86.43 per day, down from €777.17 and €89.33 respectively. Their average length of stay remained unchanged at 8.7 days.

Poland ranked second, accounting for 8.4% of total arrivals. Visitor numbers fell to 25,371 from 29,009, while average spending declined to €466.78 per person and €81.89 per day, compared with €529.52 and €89.75 a year earlier. The average stay edged down to 5.7 days from 5.9 days.

Germany placed third with an 8% share of arrivals. Tourist numbers declined to 24,178 from 29,613, while average spending eased to €765.30 per person and €85.99 per day, compared with €918.74 and €103.23 in April 2025. The average stay remained unchanged at 8.9 days.

Sharp Declines From Several Key Markets

Israel recorded one of the steepest declines, with arrivals falling to 15,997 from 63,474 in April 2025. Average spending also decreased to €472.15 per person and €102.64 per day, compared with €616.36 and €140.08 a year earlier, while the average stay increased slightly to 4.6 days from 4.4 days.

Arrivals from Greece declined to 14,255 from 16,354. Greek visitors spent an average of €365.16 per person and €41.50 per day, down from €434.38 and €73.62, while their average stay increased to 8.8 days from 5.9 days.

Sweden also recorded lower visitor numbers, with arrivals falling to 10,612 from 13,967. Average spending dropped to €575.36 per person from €825.61, while daily expenditure edged down to €76.71 from €78.63. The average stay shortened to 7.5 days from 10.5 days.

The Netherlands welcomed 7,162 visitors, compared with 8,810 a year earlier, while France recorded 5,855 arrivals, down from 8,113. Austria, Denmark, Switzerland, Finland, Norway, Italy, the United States and Lebanon also registered year-on-year declines in visitor numbers.

Belgium was one of the few markets to record growth, with arrivals increasing to 4,194 from 3,188, although average spending per visitor declined to €602.48 and daily spending to €98.77.

Italian tourists were among the few visitors to increase their spending despite lower arrivals. Average expenditure rose to €643.98 per person from €504.95, while daily spending increased to €111.03 from €91.81. Their average stay also edged up to 5.8 days from 5.5 days.

A Sector Still Searching For Momentum

The latest figures show that lower arrivals and weaker visitor spending continued to weigh on Cyprus’ tourism revenue in April. Although visitors stayed slightly longer on average, the increase was insufficient to offset declines in both arrivals and daily expenditure.

Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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