Insights into the growth of Hungary ecommerce with payment methods, target audiences, marketing, social media, economy and logistics all profiled
Hungary is home to 9.7 million people with a total GDP of US$176 billion. GDP per capita is currently US$18,075 and expected to reach US$24,850 by 2026. Hungary is ranked as the 57th richest country by the World Bank GDP per capita rankings.
Digital User Insights
There are currently 5.2 million ecommerce users in Hungary, with an additional 500,000 users to be shopping online by 2025. These 5.7 million ecommerce users will represent 71.3% of the total population. The average user spends US$329 online, which will grow to US$399 by 2025.
Total ecommerce revenue across all product categories is US$1.7 billion, expected to reach US$2.2 billion by 2025. Fashion is currently the leading product category, accounting for US$685 million market share. Electronics and Media is second, accounting for US$433 million.
By 2025, Fashion will lead, valued at US$912 million. Electronics will also grow, reaching US$551 million .
In 2018, Hungary was ranked 31st in the World Bank Logistics ranking, making it among the easiest countries to deliver to in the world. 72% of Hungary’s population reside in urban areas, and international retailers can rest assured that the infrastructure and logistics will continue to improve.
Preferred Online Payments
In 2013, over 50% of Hungarian shoppers still used Cash on Delivery. Other popular payment methods included: online bank cards, wire transfer, credit cards and mobile.
Where does Hungary buy from?
Internet and Device Usage
39% of online shoppers in Hungary shop online via desktop. 37% of shoppers make purchases via smartphone, and 43% made their most recent purchase via laptop or notebook. 6% used a tablet to pay for purchases online.
Digital has grown to the highest market spend reaching 44.7% of advertising spend in 2020. Television accounts for the second-highest market spend accounting for 26%.
Hungary’s Social Media Penetration is 77% of the population, with this expected to reach 80% by 2025. The most popular social network is Facebook. Pinterest, Twitter, Tumblr and GooglePlus, all account for a much smaller market share.
For more market insights, check out the ESW series of blogs covering a range of emerging ecommerce markets.
*Insights derived from ESW data, Statista, WorldBank, OECD and other industry sources.