86% Reducing Expenses Because of Inflation
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As a result of the price increases, the vast majority of Hungarians are trying to reduce their expenses (86%) and energy consumption at home (85%), according to representative research by EY, writes profitline.hu.
Despite skyrocketing inflation, Hungarians buy the same amount of medicine and smartphones, instead saving on clothes and travel.
Almost two-thirds of the population (63%) feel they cannot afford to spend more than they currently do. Accordingly, most respondents choose products based on price (79%) and prefer to buy the cheaper choice, even if it is of lower quality (59%).
A third of customers (34%) would even give up their favorite item if it could be replaced with an acceptable alternative for less money.
In addition to the weakening market demand, domestic businesses must provide their customers with an outstanding consumer experience to remain competitive.
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