It is a good sign that the domestic retail turnover has increased significantly, especially in the eastern regions

By: Trademagazin Date: 2024. 10. 09. 13:14

In August, Hungarian customers spent HUF 70 billion more than a year earlier, leaving a total of HUF 1,668 billion in retail. The turnover of grocery stores increased the most, by nearly 9%, while the increase in turnover in the northern and western regions of the country was more subdued. The increase was mainly seen in the poorer regions, for example in the Szabolcs-Szatmár-Bereg county, where a 6% increase was registered, compared to 0.2% measured in Győr-Moson-Sopron, writes the G7.

There may be several factors behind the differences. According to Dávid Németh, senior analyst at K&H Bank, the growing shopping tourism in the western and northern parts of the country may have also contributed to the subdued growth. At the same time, the increase in the minimum wage may have had a positive effect on turnover, especially in lower-income regions, where the measure affected the population more widely, so they could spend more money in local shops.

The August data show a significant increase in the desire to buy, which can have a positive effect on the domestic economy. According to Erste’s quick assessment, this growth can become a stable element of the economy, as consumption can now contribute to the improvement of economic performance after the decline of recent years.
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