Inflation in Hungary looks set to remain high in the short term, hence spirits is projected to experience a further slowdown in off- and on-trade volume growth rates in 2023. However, as inflationary pressures recede and purchasing power starts to recover, overall demand should pick up in 2024 and then increase steadily thereafter.
Competition in spirits is expected to intensify over the forecast period, partly due to increasing maturity but also because the effects of the current cost-of-living crisis will still be felt by many Hungarians long after inflation comes down. Larger domestic firms and multinationals will be better equipped to adapt to these conditions, as their economies of scale and ability to absorb a higher percentage of cost increases will enable them to limit further unit price hikes, while greater capacity for investment in innovation, distribution and marketing activities will help to maintain interest in their brands.
Although it will be some time before purchasing power recovers from the recent spike in inflation, premiumisation in spirits looks set to remain strong over the forecast period. In particular, it is expected consumers will continue to show growing interest in higher quality imported English gin brands and local craft or artisanal-style gin products with novel colours and more refined flavours.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Spirits industry in Hungary with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Spirits industry in Hungary, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty
This is the aggregation of whisk(e)y, brandy and Cognac, white spirits, rum, tequila, liqueurs and other spirits.See All of Our Definitions
This report originates from Passport, our Spirits research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!