Online sales on the rise in Hungary
Online sales in Hungary have reached EUR 613 million in 2012, up from EUR 555 million in 2011, recent findings point out.
According to data from Eurostat, the share of online retail commerce in the country has jumped from 2.4 percent of the total retail trade in 2011 to 2.9-3 percent in 2012 and it is expected to grow around 20 percent in 2013. The same source indicates that 68 percent of Hungarian households are connected to the internet and the number of online buyers is estimated at 1.6 million on a total population of 9.9 million.
Research unveils that online retailing continues to grow steadily despite the outbreak of the recession in 2008 which has heavily influenced retail trade. Even though the total sales in 2011 surpassed the level of 2008, this was mainly due to price increases in the food sector. The other sectors were rather characterized by stagnation or a slight decline. The majority of their revenues, almost 40 percent, are again generated in the last two months of the year as a result of the shopping frenzy before the holidays.
With regard to payment methods, the survey finds that 70 percent of total sales are still paid for by cash, followed by payment by bank card at the time of collecting the product (15 percent), bank transfer (10 percent) and finally online payment by bank card (5 percent).