Hungary

The global urban consumer landscape is increasingly complex and difficult to navigate. Which cities should you choose for your consumer business expansion? To answer this and other questions, we are introducing the Euromonitor International Cities…

Eastern Europe’s digital development continues as consumers increasingly embrace digital services. Consumers previously suspicious of the safety of online payments began to trust and value the convenience of fast and secure online payment methods as…

There are currently no store cards in circulation in Hungary. Magyar Cetelem Bank stopped offering store cards in 2008 and no retailers have since signalled any intention to relaunch such services. Instead, retailers are collaborating with banks to…

High investment and financial freedoms, a low tax burden, a good geographical location, and increasing potential for innovations have contributed to a favourable business environment in Hungary. However, the country’s government spending and fiscal…

Continuing depopulation in Hungary in 2021-2040 will be driven by natural decrease. Ageing will accelerate, affecting consumer trends and putting pressure on state finances. Urbanisation will quicken and Budapest will continue to be the most populous…

A low tax burden adds to Hungary’s economic freedom, but corruption remains an issue and state finances are under pressure. Economic performance has outpaced peers and unemployment is low, but inflation remains very high and will adversely impact…

The low cost carriers category looks set to record faster growth in current value sales than its full service counterpart in Hungary in 2023. This is partly because due to their focus on offering more affordable fares, leading low cost operators such…

Hungarians traditionally pay close attention to foreign exchange rates when planning trips abroad, particularly summer holidays, as fluctuations can cause travel expenses to increase significantly in a short period of time. This was the case…

Much like Budapest, smaller cities and regional areas in Hungary have witnessed significant increases in lodging supply in recent years, particularly since the easing of the pandemic and the ending of related restrictions. A key driver of growth in…

Growth in the number of outbound departures from Hungary in 2023 looks set to be well down on the previous year. This is mainly explained by the ongoing normalisation of travel flows following the strong rebound over 2021-2022 that resulted from the…

The Hungarian travel market has performed positively on the whole in 2023. Inbound, outbound and domestic trip numbers have increased strongly and come closer to their pre-pandemic levels, with diminishing concerns about COVID-19 and the ending of…

The number of households is set to increase slightly in Hungary over 2022-2027, with single person remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 14.6%, elevating living costs. Household…

Only commercial charge cards are available in Hungary in 2023, with personal charge cards no longer available. Moreover, commercial charge cards are only offered to top corporate executives and senior managers and there are no indications that this…

As inflation continues to rise, an increasing number of households find themselves in a financially precarious situation at the end of the month or salary payment periods. The impact of inflation bites into monthly budgets, leading to higher expenses…

The initial optimism of early 2022 was abruptly dampened by the end of the year, and this has persisted throughout 2023. The sharp rise in borrowing costs coupled with a decline in disposable incomes due to high inflation has compelled Hungarians to…

The loan repayment moratorium for vulnerable borrowers, including credit card owners, to cope with the negative economic consequences of the COVID-19 pandemic was extended to the end of 2022, but was not renewed in 2023. Meanwhile, high interest…

With the merger of Takarékbank and MKB Bank, a new financial service provider was formed, MBH Bank. MBH Bank leads in the personal and commercial segments, including current accounts and debit cards, and is especially dominant in smaller towns and…

The COVID-19 pandemic has significantly influenced payment habits in Hungary, leading to an increased reliance on cards, online payments and smartphone applications. This trend continued as pandemic-related restrictions were gradually lifted…

In January 2023, the previously separate pockets - accommodation, hospitality and leisure - were consolidated; therefore, the charges associated with these sectors are now aggregated and considered together. Also, in order to expedite the use of…

Retail sales of cooking ingredients and meals in Hungary registered buoyant growth in current value terms in 2023. However, this was due to massive inflationary pressures, rather than any huge upturn in demand. With Hungary having been added to the…