This is how holiday bulk shopping works in Hungary

By: Trademagazin Date: 2023. 11. 10. 12:32

A recent survey involving 22,000 participants shows that many people no longer have a simple restaurant dinner in their budget, and they are also looking for discount opportunities to buy gifts. High interest rates, more expensive loans and inflation have a global effect on the financial situation of consumers. The survey, conducted by Ernst & Young consulting firm, took place between September and October and covers 28 countries from different parts of the world.

According to EY’s measurements, more than three-quarters of those surveyed prefer to wait for bigger sales, such as Black Friday or Single’s Day, which is popular in China, to buy gifts. At the same time, more than half plan to spend less during the holidays to save money.

Jim Doucette, senior analyst at EY, pointed out that the research reflects well how consumer buying habits are changing in the difficult global economic environment. The main reasons for this are high inflation, rising loan interest rates and unbalanced credit card debts, which significantly reduce the purchasing power of consumers worldwide.

80 percent of respondents are worried about their financial situation and are cutting back on spending not only on holiday gifts, but also on restaurant dinners. More and more people are choosing to celebrate the holidays at home with their families to avoid extra expenses.