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Learn moreFeb 2021
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The effect of the COVID-19 pandemic on sales of apparel and footwear was significant in Hungary in 2020. According to the Central Statistical Office’s April retail data, the turnover of textile, clothing and footwear stores decreased by 90%, and not simply as a result of fashion stores closing during the lockdown.
The Hungarian government launched its official COVID-19 webpage and Facebook page on 4 March 2020, the same day as the first cases were announced in the country. The government declared an indefinite state of emergency on 11 March, which saw public gatherings in an enclosed space with more than 100 people prohibited, sporting events that could attract more than 500 spectators held behind closed doors and foreign exchange programmes suspended.
The changing habits and the caution of local consumers posed a challenge to clothing stores, which had to devise new sales and communication strategies very quickly. Pricing policies had to be clearly defined, and the availability of certain product groups increased and was barrier-free.
E-commerce remained the most dynamic distribution channel in apparel and footwear in 2020. Local consumers chose online stores over traditional stores primarily because they could often buy the products they were looking for at a lower price.
The Hungarian fashion industry will not continue as before, not least because consumer preferences and mindsets have changed. Many shoppers are affected by or fear the economic recession resulting from COVID-19, so they have adopted more cautious spending habits.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Apparel and Footwear industry in Hungary with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Apparel and Footwear industry in Hungary, our research will save you time and money while empowering you to make informed, profitable decisions.
The Apparel and Footwear in Hungary market research report includes:
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Why buy this report?
This industry report originates from Passport, our Clothing and Footwear market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.