Hungarians set to spend HUF 1 trillion in December

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Based on currently available retail data, Hungarians could spend a record of HUF 1 trillion in stores and malls in December, the Hungarian Trade Association said in a forecast, reported by online news portal index.hu today.

Last year, Hungarians spent a total of HUF 954 billion in stores in the last month of the year. If the usual traffic and 5% growth is maintained this year, a record spend of over HUF 1 trillion can be expected this year, the association said in a conservative estimate, which means that even bigger turnover is also possible, according to index.hu. 

However, it is questionable how well the sector will cope with the increased traffic, as retail, similarly to other sectors in the country, is facing serious labor shortages, the report notes.

The association estimates that the biggest chunk of spending, approximately HUF 460 bln, will not go on presents, but on food. Some HUF 425 bln could be spent on non-food products, chiefly presents, and the rest on vehicle fuel, the association added.

The association also noted that as people seem to be postponing their shopping to the last moment, Sunday openings and opening hours on December 24, the day most Hungarians celebrate Christmas, will be the most dense in terms of customer traffic, index.hu reported.

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