Hungarians are saving money: the majority plan to spend less at Christmas

By: Trademagazin Date: 2023. 12. 05. 15:33

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Hungarian consumers are in a more difficult situation than at any time in previous years. A significant part of them sees the future as bleak, as their current income cannot cover their daily expenses. According to the latest European Consumer Payments Survey (ECPR) prepared by Intrum, Hungarians are mostly trying to save on their everyday expenses, on meals, and even on their Christmas expenses this year.

The results of the European Consumer Payments Survey (ECPR), prepared by Intrum and running for more than 10 years, show that the current economic situation continues to have a serious impact on the financial situation of households. Across Europe, most consumers live paycheck to paycheck. Those interviewed see the future as bleak. Barely a third of consumers believe that their financial situation will improve in the next 12 months, while the majority expect inflation to persist in the long term.

Half of European consumers (49 percent) say they have less money left over after paying basic bills than they did a year ago. A significant part of the respondents have little or no savings to rely on if unexpected expenses arise during the month. 20 percent of European consumers have no savings. In Hungary, however, the situation is much more serious, as 31 percent of the population has no emergency reserves at all. Furthermore, 16 percent of Hungarians can rely on only one monthly salary in case of unexpected expenses.