Shopping tourism is booming, Hungarians spend abroad

By: Trademagazin Date: 2023. 10. 31. 12:47

In the second quarter of this year, Hungarians traveling abroad spent a total of HUF 338 billion during their travels, giving shopping tourism an additional impetus. More and more Hungarians decide to buy various products and services outside the border, while trying to avoid the impact of price increases caused by inflation. However, the large increase in foreign travel also has potential economic impacts that are worth examining.

ING’s macroeconomic analyst, Péter Virovácz, pointed out in his Pénzcentrum article that the purchasing power of the population has decreased as a result of high inflation and price increases. Many people choose to purchase from outside the border, as this way they can get the necessary products cheaper. The analyst stated that many people are looking for more economical solutions due to the continuous price increase experienced in Hungary during these years and the decrease in available purchasing power.

Data from the Central Statistical Office (KSH) also show that the number of Hungarians’ trips abroad and their spending have increased significantly. People visit Austria, Slovakia and Romania the most. The number of one-day trips increased by 15 percent, while the number of multi-day trips increased by 13 percent compared to the previous year. People spend an average of 2.8 days abroad, which is 0.1 days more than before.