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TGM TRENDS PULSE

Rising prices is the primary concern among all age groups and gender in Hungary, according to TGM Research

Understanding the pulse of consumer sentiment is now key to deciphering the evolving marketplace. Ready to confidently tap into the minds of Hungarian consumers?

TGM Consumer Sentiment Survey in Hungary 2024

In the wake of global transformations, consumers are redefining their priorities. The ongoing global conflicts, geopolitical realignments, and the rapid pace of technological advancements have collectively given rise to an altered landscape. This seismic shift has not only reshaped consumer awareness but has also become the driving force behind unprecedented changes in behaviour. Our independent survey – TGM Consumer Sentiment Survey in Hungary 2024 dives into the heart of these changes, exploring how socio-economic shifts to geopolitical events are influencing the mindset and actions of a diverse sample of 1,002 respondents aged 18-75 in Hungary.

Global Welfare and Job Security: Different concerns across different generations

The latest survey exploring the primary concerns among Hungarians reveals three key focal points: rising prices, wars in the world, and job security/ unemployment. Notably, the older age groups are predominantly troubled by 'rising prices,' with 61% for the age group 36-55 and 59% for the age group 56-75. Conversely, the younger age group 18-35 shows slightly less alarm at 57%.

Despite sharing the same primary concern over rising prices, each age group harbor distinct concerns of their own. In Hungary, the middle (36-55) and the older age group (56-75) are mostly concerned with global conflicts, with a significant 16% and 22% respectively expressing this worry, while younger adults aged 18-35 are primarily focused on job security, standing at 17%. The issues of war and unemployment resonate across all age groups and genders, underlining the pervasive anxieties stemming from recent economic uncertainties. As such, these concerns are unlikely to diminish until there is significant progress in addressing underlying economic instabilities and global conflicts.

Inflation Anxiety: 47% altered lifestyle, 61% plan to cut spending

Amidst the mounting unease surrounding rising prices, 80% of Hungarians express genuine concern about the escalating costs of everyday items, with a staggering 80% anticipating a further increase in prices over the next three months. This surge in anxiety has spurred action, with 47% of respondents altering their lifestyles to cope with soaring prices. Furthermore, 61% intend to cut back on future purchases of products/services as a strategic move to cushion the blow of rising costs on their financial stability.

Interestingly, the burden of escalating costs weighs most heavily on the older age groups, with individuals aged 56-75 feeling the economic strain acutely at 84%. In contrast, while not impervious to the issue, young adults aged 18-35 seem to regard it with less urgency at 72%.

Inflation Anxiety: 47% altered lifestyle, 61% plan to cut spending

Embracing ‘Buy Now, Pay Later’ service

As the cost of living continues to rise, Hungarian households are increasingly turning to alternative payment methods. Specifically, 14% express their intention to utilize the 'buy now, pay later' service more frequently in the upcoming months. This trend reflects a growing preference for flexible payment options among Hungarians and signifies a strategic shift in financial allocation amidst economic hardship.

Pessimism Casts a Shadow on the Future

Exploring how Hungarians perceive the political and economic repercussions of ongoing conflicts, findings revealed a nuanced outlook. While 40% of Hungarian respondents opted for a 'neutral' stance, a substantial 38% expressed a 'pessimistic' outlook. These figures underscore a prevailing sense of apprehension among respondents when considering the broader impacts of wars. Interestingly, gender differences were observed, with male respondents demonstrating a higher level of pessimism at 40%, while female respondents exhibited a slightly lower proportion at 37%.

Methodology

  • Market studied: Hungary
  • Sample: N=1,002
  • Targeted Audience: General Population
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We are living in the digital world with new opportunities for the market research. Join the mobile journey. TGM Research specializes in mobile market research and online panels.

© TGM Research FZE

TGM Research FZE


A68 Circular Road #02-01, 049422, Singapore


A2-102B Building no. A2, Al Hamra Industrial Zone-FZ, Ras al-Khaimah 1005, United Arab Emirates


3rd floor, 100 Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City, Vietnam


ul. Długa 29/226, 00-238 Warszawa, Poland


Contact Us

  • This email address is being protected from spambots. You need JavaScript enabled to view it.
  • UAE +971 5 4421 4421
  • Vietnam +84 90 296 28 38
  • Poland +48 790 023 959

  • Singapore +971 5 4421 4421

TGM Research on Linkedin