Key Market Indicators
Cyprus' clothing expenditure is projected to climb to approximately €871 million by 2028, up from around €794 million in 2023. This represents an average annual growth rate of 1.5%. Since the turn of the millennium, Cypriot demand for clothing has expanded at an annual rate of 6.8%. In 2023, Cyprus ranked 29th globally in clothing expenditure, with Estonia surpassing it with the same amount of €794 million. Leading the rankings were Germany, Italy, and France, occupying the second, third, and fourth spots respectively. In a contrasting trend, Cypriot apparel sales are forecasted to drop to about €9.8 million by 2028, down from €11.6 million in 2023, marking a yearly decline of 2.5% on average. This decline has been ongoing since 2011, with the market contracting by 4.4% annually. In 2023, Cyprus stood at 31st place in apparel sales, trailing behind Malta, which recorded €11.6 million. Germany, France, and Spain were the top contenders in this category, ranking second, third, and fourth, respectively.
