Consumers form the backbone of the European economy, since consumer activities account for almost 60% of the european gross domestic product (GDP). Any consumer transaction, large or small, has an impact on the local but also on the European economy.
Consumer trends and purchasing patterns determine to a great extent the plans of producers/manufacturers and of businesses involved in the supply chain. Consumers may also be considered to be in an unfavourable position than businesses, promote their products and services in various ways, methods and techniques, in order to maximise their profit. This is understandable insofar as these methods and techniques do not harm the consumers’ economic interests, which should be offered with products of improved quality at reasonable prices.
Consumers’ right to select products and services of sufficient quality at competitive prices is being enforced through the institutional framework formulated by the Consumer Protection Service. Particular importance is attached to the protection of consumers' economic interests, as indicated by the various legal acts being adopted and applied in Cyprus and the rest EU Member States.
In summary, the above-mentioned legislation concerns:
- the appropriate description of the products and/or services (characteristics, price, weight, size, destinations, etc)
- the provision of clear and adequate information to the consumers, so as to be able to exercise their right to choose
- the restoration of the economic interests of the consumers when they circumvented.