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Learn moreOct 2020
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Consumer electronics in Hungary is expected to record slight retail volume growth in 2020. The economic impact of COVID-19 and decline in disposable incomes has impacted certain categories and reduced discretionary purchases, however others were more resilient.
The Hungarian government launched its official COVID-19 webpage and Facebook page on 4 March, 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.
Samsung Electronics Magyar Zrt retained its leadership of the overall consumer electronics market in 2020, offering consumers a wide range of products to suit all tastes and budgets, whilst also investing in innovation. To meet the needs of all consumers, manufacturers aim to cover both the budget and premium segments.
Electronics and appliance specialist retailers remained the leading distribution channels for consumer electronics in 2020; however, e-commerce was the fastest-growing distribution channel. With the temporary closure or reduced opening hours of stores not selling essential supplies due to COVID-19, 2020 has seen a shift to e-commerce, which is expected to record a double-digit volume sales increase in the year.
Retail volume sales of consumer electronics in Hungary are expected to record further growth over the forecast period to 2025 despite the economic downturn of COVID-19 impacting buying power, consumer confidence and certain consumer electronic products. Products offering greater functionality such as convertible laptops, or convenience and portability such as wireless speakers should do well, whilst outdated, cumbersome products, including desktops and hi-fi systems, will continue to suffer going forward.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Consumer Electronics 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 Consumer Electronics industry in Hungary, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Consumer Electronics 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.