86% of Hungarian consumers are trying to cut their spending, according to research by Ernst&Young international consultants presented at the company's press conference in Budapest on Thursday.
The survey was conducted in January-February this year, interviewing 1,000 people, and the results are representative of the Hungarian population aged 18-65.
Price and value for money are the two most important criteria when buying a home. 79% of respondents said that price was the deciding factor for them in most cases for all products. “The least influential factors are advertising or brand awareness," the head of brand, customer and marketing services at EY, László Palincsár said.
82% of shoppers take part in various promotions, reinforcing a trend that was already strong, he added.
According to the survey, consumers are spending the same amount on items such as food and medicine as a year ago, and have not cut back on communication services. They are spending less on household appliances, shoes and clothing, and travel, among other things. 77% try to have broken things repaired.
34% of shoppers will give up their favorite item if they can replace it with an acceptable alternative for less money, while 25% will hold on to the product but buy it less often. 17% of respondents are buying more often from own-brand shops.
According to Roland László, partner in EY's business consulting practice, said that “businesses need to offer extra services to stand out from the competition and retain customer loyalty in the long term."
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