Economy

Hungarians to Spend 3-4% More on Christmas Present This Year

It is likely that Hungarian households will spend around 100 billion forints (EUR 319 million) on Christmas presents this year, 3-4% more than a year ago, György Vámos, general secretary of the National Commerce Association (OKSZ), told MTI.

Consumers will also spend around 100 billion forints on food for their holiday meals, he added, while retail sales in the last month of the year could reach 1,050 billion forints (EUR 3.3 billion), which is a 4% increase from last year.

The two weeks before Christmas are the busiest time of the year in shops; the approximately 200 billion forints (EUR 637 million) that Hungarians spend on holiday shopping account for about 20% of the total spending in December, Vámos said.

Retail chain operators Spar, CBA, Tesco, Aldi and Lidl all told MTI that they projected a big increase in turnover in the holiday period compared to last year.

via Hungary Matters