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Hungarians cut back on real-term FMCG spending in 2007

Hungarians cut back their real-term spending on fast-moving consumer goods (FMCG) and looked for cheaper products last year as real wages fell, a survey by market research company GfK Hungaria shows.

In nominal terms, Hungarians spent 6.7% more on FMCGs last year, well under the 11.5% rate of inflation for food products. At the same time, demand for cheaper products, such as house brands, grew. The market share of hypermarkets grew from 24% to 25% and that of discount stores expanded from 17% to 18%. Turnover of FMCGs was Ft 2,700 billion in Hungary last year.

Turnover on the market for consumer durables stagnated at around Ft 300 billion, according to GfK. Computers and computer equipment generated 28% of turnover, major household appliances 26% and televisions and video equipment 22%. Especially popular items were GPS car navigation devices, computer monitors, LCD and plasma TVs, laptops, digital cameras, washing machines, coffee makers and personal care appliances. Sales of these products accounted for 44% of all consumer durable sales. (MTI-Econews)