The COVID-19 crisis has led to contrasting forces influencing the development of refrigeration appliances in the Hungarian market. The challenging economic conditions resulting from measures imposed to limit the spread of COVID-19 have discouraged many consumers from replacing refrigeration appliances.
The main reason for the growth of fridge freezers in 2021 has been the increasing demand for large products capable of storing more food, while not needing consumers to invest in separate fridges and freezers. These products were available for higher prices, which resulted in value growth.
With the curtailment of familiar social activities and more time spent at home during the COVID-19 crisis, Hungarian consumers have looked for new hobbies and ways to spend their time. This has led more consumers to take an interest in wine, experimenting with different varieties and storing them at home.
As the immediate threat from COVID-19 wanes during the forecast period, or the disease becomes a managed fact of life, consumers’ inclination to purchase new refrigeration appliances capable of storing more food and keeping it fresh for longer is likely to be dampened. The return to familiar, hectic lifestyles largely spent outside the home and the reopening of consumer foodservice outlets serve to reduce the frequency with which consumers cook at home and, therefore, weaken the need to keep plenty of ingredients and meal solutions to hand.
Despite the predicted decline in demand for most refrigeration appliances during the forecast period, the category is expected to see a rise in the average unit price. This will result in part from the expanding availability of connected appliances and the persistent demand for higher-end models amongst relatively affluent consumers.
A continued rise in demand for electric wine coolers/chillers is expected during the forecast period. Interest in these products will be stimulated by the expanding range of products available in retail channels.
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Refrigeration Appliances
Refrigeration appliances considers built-in and freestanding major appliances in the following categories: fridge freezers, fridges, freezers and electric wine coolers chillers.
See All of Our DefinitionsThis report originates from Passport, our Refrigeration Appliances research and analysis database.
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