Beer industry performance fell almost 13% in 2020
Image by Shutterstock.com
The performance of the beer industry fell by 12.7% to HUF 100.3 billion during 2020 because of the coronavirus pandemic while the food industry's performance overall managed to edge up by 1%, state news wire MTI reports, citing data by the Central Statistical Office (KSH).
As a result of the restrictions, in the spring and late fall months catering establishments closed or received only a limited number of guests, and cultural and sports events, festivals, city and village fairs were mostly canceled, restricting demand.
Domestic sales, which account for around 94-96% of annual revenue in the sector, dropped by 13.5%.
The price of beer has been rising since 2017, but the rate of price increases slowed last year, also because of the pandemic. Beer prices in 2020 were on average 25% higher than in 2010.
ÁKK Sells HUF 50 bln of Bonds at Auction, Over Plan
Hungary to Address Future of Cohesion Policy During EU Presi...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
