Hungary

In keeping with the trend witnessed throughout the review period, total volume sales of NRT smoking cessation aids have continued to contract in 2023, with all categories set to post negative results in this respect. This is partly explained by the…

Most paediatric consumer health categories are expected to contract in volume terms in 2023. This is partly due to persistently high inflation in Hungary, with steep price hikes and falling purchasing power making people more inclined to only…

While sleep aids is poised to record strong growth in current value sales in 2023, this is mainly due to price hikes amidst high inflation fuelled by the global recovery from COVID-19 and the fallout of Russia’s invasion of Ukraine. With inflationary…

Sports nutrition has remained one of the best performing areas of Hungary’s consumer health market in 2023, with strong double-digit growth in total current value sales projected and all categories poised to register impressive results in volume…

Vitamins is set to record negative results in volume and current value terms for the second year in a row in 2023. While overall consumption of these products in Hungary surged during the early stages of the pandemic due to increased…

Although weight management and wellbeing is set to register another solid performance in terms of total current value sales growth in 2023, this is largely due to steep price hikes resulting from persistently high inflation in Hungary. With the…

As occurred in 2022, wound care is set to post moderate growth in current value sales in 2023 but contract in volume terms. These results are explained by persistently high inflation in Hungary, which has continued to erode spending power among…

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…

The market for edible oils continues to be dominated by sunflower oil, global prices of which skyrocketed in 2022, following Russia’s invasion of Ukraine, the world’s leading producer. While Hungary produces enough sunflower oil to satisfy its…

Retail volume sales of meals and soups registered continued growth in 2023. With consumers leading increasingly busy lifestyles, there was a growing interest in convenient meal solutions, which boosted demand for products such as ready meals and…

The ongoing war in Ukraine created a number of challenges in 2023. In particular, there was a shortage of critical packaging materials, such as glass and aluminium. Extreme weather conditions placed further pressure on supply chains, with scarcities…

Retail sales of sweet spreads continued to see positive growth in volume terms in 2023, with chocolate spreads leading the way. Here, Nutella (Ferrero) was by far the dominant player, with smaller contributions from a host of private label…

With inflation in Hungary remaining the highest in the EU, unit prices for packaged and unpackaged leavened bread have continued to rise at double-digit rates in 2023 despite a reduction in grain prices on international commodity markets.…