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Tourism Spending In Cyprus: Insights Into Big Spenders And Economic Contributors

by THEFUTURE.TEAM

August 12, 2024

Tourism plays a crucial role in Cyprus’s economy, with recent figures revealing distinct patterns in tourist spending. In 2024, the island witnessed varied spending behaviors among its visitors, with the United Kingdom and Germany standing out as primary markets. High-end tourists from these regions contributed significantly, indulging in luxury accommodations, fine dining, and exclusive experiences. However, a substantial portion of revenue also came from budget-conscious travellers, who, while spending less individually, collectively formed a critical economic backbone for the tourism sector.

This diversity in spending underscores the multifaceted nature of Cyprus’s tourism industry. On one end, luxury travellers, often dubbed “big spenders,” significantly boost the economy by engaging in premium services and experiences. On the other hand, more economical tourists, though less extravagant, contribute through sheer numbers, spreading their expenditure across various sectors, from local eateries to mid-range hotels.

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The data also highlights the importance of maintaining a balanced tourism strategy that caters to both segments. By continuing to attract a mix of high-end and budget travellers, Cyprus can ensure a steady flow of income that supports not only luxury service providers but also small businesses and local communities.

Moreover, tourism spending patterns reflect broader economic trends and consumer behaviors. The willingness of certain nationalities to spend more on luxury experiences could be linked to their economic conditions and cultural preferences, which can influence marketing strategies for future tourism campaigns.

In conclusion, understanding the spending habits of different tourist segments is crucial for shaping Cyprus’s tourism policies. By capitalising on the diverse spending capabilities of its visitors, Cyprus can continue to thrive as a top destination, offering a range of experiences that cater to all types of travellers. This approach will ensure the sustained growth of the tourism sector, making it resilient in the face of global economic changes.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.