Average Christmas Budget Hits HUF 118,000
Hungarians Plan to Spend More on Christmas Shopping, but Many Also Taking Out Loans According to a recent survey by Cofidis Hitel Monitor, Hungarians are planning to spend an average of HUF 118,000 (EUR 313) on Christmas this year, which is nearly 20 percent more than last year. The survey also found that those who are giving presents are thinking of spending HUF 47,000 (EUR 125) on gifts.
Despite financial difficulties, Hungarians are not planning to skimp on their Christmas celebrations. The research shows that the Christmas tree will not be smaller, and people will continue with big festive baking and cooking.
Compared to last year, more people are planning to cover their holiday expenses from their current monthly income. The proportion of those doing so has increased from 56 to 65 percent. Additionally, 40 percent of respondents are using savings, and seven percent are financing their expenses with a loan.
When it comes to holiday shopping, half of all Hungarians are planning in advance about what they would like to buy and for whom. The majority of gift-givers hit the shops in November, but 17 percent started shopping in October or even earlier.
The most popular gifts in Hungary continue to be cosmetics, clothing, and branded drinks and food. Additionally, small kitchen appliances are becoming increasingly popular, with 13 percent considering purchasing items in this category.
In terms of loans, nine percent of Hungarians plan to take out a loan in the next year. The most popular type of loan is a personal loan, with the average loan amount at HUF 1.33 million (EUR 3,529). The most common purposes for taking out a loan are for buying a home, renovating a home, and purchasing a car.
Earlier reports also indicated that according to a recent survey by MediaMarkt, 46 percent of Hungarians will spend less than HUF 10,000 (EUR 27) on gifts for loved ones this year. Many are planning to shop during November sales, with some waiting for December’s payment to arrive before making holiday purchases.
It’s clear that Hungarians are preparing for a festive and generous holiday season, but they are also being strategic about their spending and financial planning. With more people planning to take out loans and a significant increase in holiday spending, it will be an interesting holiday season in Hungary.
