Hungarian consumer confidence at record high in Q3

Analysis

The index of confidence of Hungarian consumers reached a record high in the third quarter, surpassing by 5 points the all-time high pre-crisis level of 71, according to a study conducted by market researcher Nielsen. The average level in Europe is 87 points.

In research conducted in 63 countries worldwide, Nielsen found that the Global Consumer Confidence Index stands at 105 points. Among individual countries, Denmark ranks first with 115 points and Ukraine last with 58 points. Slovak confidence is the same as the European average, which is 87 points, business portal vg.hu notes.

As for specific issues, Hungarians are optimistic regarding their financial prospects, with more than one third considering them good or excellent. This is six percentage points higher compared to the Q2 level, but still below the European average. Hungarians are also optimistic regarding their job prospects in the next 12 months (33% vs. 40% in Europe) and how favorable the conditions are for shopping one year from now (28% vs. 37% in Europe).

Nielsen also looked at what people use money on after buying daily consumer products. While roughly the same percentage of Europeans (36-37%) save money or spend it on vacations or fashion, in Hungary the situation is very different: 34% save the extra money, 25% spend it on renovating their homes, and 23% on vacations.

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