Retail sales in Hungary reach record highs in 2018

Retail sales are set to hit 11.5 trillion HUF (35.8bn EUR) this year

Retail sales in Hungary are expected to reach record highs in 2018, it has been revealed.

According to Magyar Idők, retail sales are set to hit 11.6 trillion HUF (35.8bn EUR) this year.

The report states that thanks to year-end discounts, household consumption has continued to soar after the Christmas break as retailers try to clear out leftover inventory and families prepare for New Year’s Eve.

Retail sales are up around 1 trillion HUF from last year, more than 6 percent increase.

In the month of December alone, retail sales came to around 1.2 trillion HUF, up 10 percent from 2017.

“It is a reflection of the improvement in the income situation of families that, calculated at current prices, they have spent around 8 percent more on consumer durable and non-durable goods in 2018,” György Vámos, chief secretary of the National Commerce Association (OKSZ), told the paper.