ADVERTISEMENT

86% Reducing Expenses Because of Inflation

Analysis

Image by Shutterstock.com

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.

Hungary Motor Fuel Prices Below Regional Average Energy Trade

Hungary Motor Fuel Prices Below Regional Average

EC Advances Infringement Procedure Over Hungary's Sovereignt... EU

EC Advances Infringement Procedure Over Hungary's Sovereignt...

Hell Energy Inaugurates HUF 80 bln Capacity Expansion Manufacturing

Hell Energy Inaugurates HUF 80 bln Capacity Expansion

Puskás Arena to Host 2026 Champions League Final In Budapest

Puskás Arena to Host 2026 Champions League Final

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.