Media Markt CFO: Consumer habits have completely changed

By: Trademagazin Date: 2023. 08. 02. 12:41

The impact of the high interest rate environment has brought significant changes to consumer lending, with a decrease in 0% APR loans and an increase in loans with 15% APR. Posan Éva, the CEO of Media Markt Hungary, discussed this issue in an interview with Index. She also highlighted the challenges faced by the retail sector due to product availability issues caused by the pandemic. Certain product categories, like top-loading washing machines, experienced temporary or prolonged shortages as manufacturing of components was disrupted in certain regions. To cope with broken supply chains, companies had to quickly find alternative sourcing options.

The changing economic environment has also influenced consumer behavior significantly, with inflation affecting their shopping habits. Consumers now make more conscious decisions, carefully considering prices and product sustainability. There is a growing emphasis on health and environmental consciousness, leading to increased demand for sustainable products.

Energy-efficient and sustainable products, as well as health and leisure accessories such as electric scooters, bicycles, solar generators, have become particularly popular among consumers. Interest in e-mobility has surged, with electric scooters and bikes witnessing high demand.

Media Markt Hungary aims to have at least one out of every ten products they offer be sustainable, supporting customers in achieving more sustainable lifestyles. However, retailers must also grapple with reduced footfall, rising costs, and additional taxes. Despite these challenges, Media Markt adopts effective strategies and remains competitive in the market by catering to consumer needs and preferences.

Posan Éva expressed hope for improved real wages and increased Christmas sales to bolster business. Focusing on sustainability and consumer needs could further enhance competitiveness and social impact for the company in the future.