Third of Hungarians are impulsive buyers
A representative survey conducted by insurance company Generali found that one-third of Hungarian shoppers regularly make impulse purchases, buying products they do not need or had not planned on getting, according to a press release sent to the Budapest Business Journal.
When making a standard purchase, around 50% of Hungarians focus on the price to value ratio, 25% look for discounted items, and 17% always buy the cheapest of everything, the results show.
"When we ask the question of why somebody fails to think about their livelihood in future, we often get the answer ‘thereʼs no money for that now’," says Erika Schaub, head of the life, health and accident lines of business at Generali Hungary. "While many see that they wonʼt be able to afford their preferred quality of life with their pensions, they still do not save money in time. With long-term but low-value investments, we can prepare for our future without even noticing it, which may become even simpler with conscious spending habits. This is why weʼd like to give everyday tips and help with our ‘Élj a holnapnak!’ (Live for tomorrow!) campaign."
Impulse buying is mostly brought about by finding discounts at stores and is most common among women, those younger than 40 years, and those living in Budapest, the research found.
Wasting food also seems to be a common occurrence, as seven out of ten people threw away uneaten food in the last month, while one out of ten threw away food multiple times per week. Furthermore, about 60% bought a piece of clothing they have only worn once or twice in the last year. The ratio among impulsive buyers is 80%.
Depite the negative findings, buyers consider themselves to be conscious shoppers, but this is only true when purchasing durable consumer goods like cars and smartphones, according to the survey.
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.