Brisk business on Black Friday, despite modest price reductions
pixabay
Black Friday sales in Hungary confirmed estimates that they would greatly contribute to full-year sales of participating sellers. However, promotional prices were not even close to those in the United States or Asian countries, business news portal vg.hu reports.
Black Friday sales came to Europe from the United States, where this year the date was set for November 24. In Hungary, some web stores started sales one Friday earlier, but most went along with the American date.
According to figures released by market researcher GKI Digital and price comparison site ĂrukeresĹ, Hungarians placed 1.1 million orders on Black Friday, generating turnover of HUF 25-30 billion. Purchases were made despite relatively modest price reductions, a maximum of 20-30% of the lowest prices before Black Friday.
Last year total online store revenues, according to the Central Statistical Office (KSH), amounted to HUF 31.6 bln in November and HUF 37.4 bln in December. Sales in these two months can be twice as much as in normal months.
Hungarians may spend as much as HUF 100 bln on Christmas presents this year, including purchases in both online and brick and mortar stores, GyĂśrgy VĂĄmos, general secretary of the National Trade Association (OKSz), said on public news television channel M1 on Friday.
VĂĄmos noted that Black Friday discounts this year are bigger than ever before and that customers are already looking for presents, bringing their Christmas shopping forward in time. The most popular items include games, electronic devices and cosmetics, he added.
The OKSz head reiterated his earlier stance that total December retail sales this year could exceed the HUF 1,000 bln registered in December 2016 by 3-4%.
ADVERTISEMENT
Number of Liquidations Increasing Rapidly
OrbĂĄn's Salary Increased to HUF 4.178 mln
Hungary Tops out HUF 300bn Munitions Complex
Around 2,800 Events Take Place in European Capital of Cultur...
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.
