The merchants were confident, but for now we spend on the SZÉP card not in the store, but in tourism

By: Trademagazin Date: 2023. 08. 17. 19:04

While retailers held optimistic expectations, it appears that concerns from the tourism sector about a potential shift in spending patterns due to the option of using SZÉP cards (Employer Provided Recreation Card) at grocery stores might have been unfounded.

Bank Consensus on Spending Patterns

Despite the expansion of spending options, banks unanimously observe that cardholders continue to allocate the majority of their SZÉP card balances towards accommodation and dining. Only a smaller portion is directed towards leisure and recreation activities. The average spending per transaction doesn’t reveal a significant surge in grocery shopping. One might assume that people spend relatively less at supermarkets compared to expenses like accommodations or family dinners. However, the new regulations haven’t brought about substantial changes in this aspect. In fact, at OTP Bank, the average transaction value increased by 1.7%.

Statistics from MBH Bank and OTP

According to MBH Bank, since August 1st, 11% of transactions and 13.5% of total spending occurred in grocery stores. Similar data from OTP Bank for the first ten days of August indicated that 12.2% of spending was in grocery stores. This implies that the amount spent using OTP SZÉP cards in grocery stores during this period didn’t surpass one and a half billion Hungarian forints.

Despite expectations, the availability of SZÉP card usage at grocery stores hasn’t drastically changed spending patterns. Hospitality and accommodation sectors continue to benefit from the cardholders’ preferences, while supermarkets are not witnessing a significant shift in consumer behavior.