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Hungarians prepared responsibly for the holidays - Provident

Most people in Hungary spent the Christmas and New Year celebrations at home, and planned ahead for the related expenses, according to a survey by credit provider Provident Pénzügyi Zrt.

Two out of five respondents said they were able to afford more expenses during the holiday season in 2018 than a year before. The ratio of those who spent more outmatches those who spent less by 10%. This can be attributable to the fact that about half of the surveyed consciously saved money for expenses such as presents and food.

Similarly to 2017, only one in every ten respondents financed expenses via loans, while every seventh person covered them by using the end of the year bonuses received at their workplace.

Some 29% said they spent between HUF 20,000 and 50,000 on the holidays, with 28% (down 3% compared to 2017) spent between HUF 50,000-100,000. A vast majority, 75% of the surveyed thought that the holiday expenses will not force them to tighten their belts in January.

Nearly half, 46% said that they spent the largest amount on food, while 39% named presents as the most cost-intensive expense. Most spent the holidays at home, with those who traveled generally spending time with relatives.

The popularity of electronics, such as mobile phones and tablets continued to fall from their 2016 peak. In 2018, a mere 9% chose to gift such items. While travel gifts represented the most popular category in 2017, a mere 2% mentioned gifting them this year. 

A large number of people considered the time spent together with beloved ones the most valuable thing during the holidays, with every fifth respondent naming it the most important, spontaneously.

Provident carried out the survey via phone, from a sample size of 600 people among its own clients.