Insights into the growth of Hungary eCommerce with payment methods, target audiences, marketing, social media, economy and logistics all profiled
Hungary is home to 9.8 million people with a total GDP of 121 billion USD. GDP per capita is currently 11,970 USD and expected to reach 14,534 USD by 2021. Hungary is ranked as the 77th richest country by the World Bank GDP per capita rankings.
Digital User Insights
There are currently 5.3 million eCommerce users in Hungary, with an additional 1.3 million users to be shopping online by 2021. These 6.6 million eCommerce users will represent 80.3% of the total population. The average user spends 276 USD online, which will grow to 376 USD by 2021.
In 2016, males outnumber female online shoppers. Males between the ages of 35-44 account for the biggest market share, representing almost a million online shoppers. The second biggest category of online shoppers is women aged between 25-34, accounting for almost 900,000 online shoppers.
In 2021, the ratio of male to female shoppers is expected to remain the same, with men between the ages of 25-34 surpassing 1 million shoppers.
Total eCommerce revenue across all product categories is 1.5 billion USD, expected to reach 2.5 billion USD by 2021. Electronics is currently the leading product category, accounting for 391 million USD market share. Fashion is second, accounting for 381 million USD.
By 2021, fashion will lead the charge, valued at 678 million USD. Electronics will also grow, reaching 588 million USD.
In 2016, Hungary was ranked 31st in the World Bank Logistics ranking, making it among the easiest countries to deliver to in the world. 71% 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?
Germany supplies Hungary with 28.5 billion USD in imports. Other key import partners are Romania (5.75 billion USD), Italy (5.42 billion USD), Austria (5.3 billion USD) and the United States (4.88 billion USD).
Internet and Device Usage
Internet penetration in Hungary is currently at 66%, and should reach 71% by 2021. Smartphone penetration is 47% and is projected to grow to 61% by 2021.
87% of online shoppers in Hungary shop online via desktop. 5% of shoppers make purchases via smartphone, and just 2% made their most recent purchase via tablet.
Total Marketing spend in Hungary has plateaued in recent years, as advertisers begin to steadily invest more in digital. Digital has grown to the highest market spend reaching 214 million USD. Television accounts for the second highest market spend accounting for 198 million USD.
Hungary’s Social Media Penetration is just 49.77% of the population, with this expected to reach 54.5% by 2021. The most popular social networks is Facebook. Pinterest, Twitter, Tumblr and GooglePlus, all account for a much smaller market share.
For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.
*Insights derived from eShopWorld data, Statista, WorldBank, OECD and other industry sources.