Families Are Spending Big: HUF 118,000 Is the Average Budget This Christmas

Hungary Today 2023.11.15.

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, according to based on a representative survey by Cofidis Hitel Monitor, reports Index.

Those who are giving presents are thinking of spending HUF 47,000 (EUR 125). The Christmas tree will not be smaller, and Hungarians will stick to the big festive baking and cooking despite the financial difficulties, according to the research.

Compared to last year’s Christmas, the proportion of those who plan to cover their holiday expenses from their current monthly income has increased from 56 to 65 percent.

40 percent of the respondents are using savings, and seven percent are also financing the necessary amount from a loan.

Photo via Pexels

Half of all Hungarians are deliberate, thinking in advance about what they would like to buy and for whom. The majority of gift-givers hit the shops in November, but Cofidis Credit Monitor research shows that 17 percent already started shopping in October or before.

Cosmetics (31 percent), clothing (29 percent), and branded drinks and food (28 percent) continue to top the list.

Again, small kitchen appliances are becoming increasingly popular, with 13 percent considering this category.

Photo via Pixabay

According to their Q4 survey, 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 loan purposes are for buying a home (31 percent) and renovating a home (32 percent), and purchasing a car comes in third place (22 percent).

At the same time, 12 percent can imagine taking out a loan to balance the family budget and 11 percent to pay the utility bills.

Earlier, Index also reported 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, and those who can will make their purchases taking advantage of the November sales, while many will wait until December’s payment arrives.

Fact

As Hungary Today wrote recently, many people shop for Christmas presents at this time of year: nearly a third are aware of Black Friday, and the same number are thinking of taking advantage of the sales to buy at least some presents. The vast majority of Hungarians (93 percent) have heard of Black Friday, and last year three out of ten of them made a purchase during the campaign. Students (99 percent) and pensioners (96 percent) are the most aware of these promotions. It is indicated that up to one in two Hungarians could be shopping this year.

Third of Hungarians Buy Their Christmas Presents during Black Friday Sales

A survey showed that almost half of Hungarians plan to buy something during the "holiday" of consumerism.Continue reading

Via Index, Featured image via Pixabay