Hungary: A year in the shadow of a pandemic

Published 2021년 6월 23일

Tridge summary

The NielsenIQ Consumer Confidence Index report reveals the significant impact of the pandemic on global and Hungarian consumer behaviors and market trends in 2020. Hungarian consumer confidence, which was on the rise before the pandemic, saw a decline due to economic and job security concerns, mirroring the EU average. The pandemic led to shifts in shopping habits globally, with 50% of Hungarians reporting changes in their purchasing behaviors. There was a noticeable increase in spending on cleaning products and cooking ingredients, contributing to an 8% growth in the value of the Fast-Moving Consumer Goods (FMCG) sector. The discount channel experienced the highest growth (14%) among retail channels, indicating a move towards budgeting and stocking up. E-commerce also saw growth, with online retail sales being a bright spot amidst the challenges. The report highlights shifts in market shares towards manufacturer-branded and own-brand products, with own-brand products reaching a 29% market share in Hungary by the end of 2020. The data underscores the importance of resilience and adaptability in retail, particularly in categories like cleaning and cooking supplies, as well as the growing significance of e-commerce in Hungary.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the NielsenIQ Consumer Confidence Index, in 2020, the pandemic caused a significant drop in consumer confidence and increased concern for health and the economy. Shopping habits around the world have changed significantly, and this is also true for Hungarians. Discount stores can still achieve the biggest growth, but online retail sales have also picked up, according to the NielsenIQ retail index. We also spent much more on cleaning products and cooking ingredients between March 2020 and February 2021 than during the same period before that. Dászkál Fruzsinasenior analystNielsenIQ Dászkál Fruzsina, a senior advisor at NielsenIQ, began her presentation on the review of the domestic market environment by analyzing the decline in the consumer confidence index. This index is determined by the development of three factors: the job prospects of the respondents, the security of our own finances, and their willingness to spend. The EU average stood at 72 points in 2012, ...
Source: Trademagazin

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