The spending customs of Hungarians

Cofidis Hitel Monitor has done a national representative survey about Hungarian people’s customs concerning money spending. It was revealed that they do not pay extra sums in the two climactic periods — summer vacations and Christmas —, but there are several waves of spending in a year, as Forbes.hu reports.

The heating at the beginning of the year, the housing renewals in the spring and the beginning of the school year in autumn also mean further costs. The survey also highlighted that the summer holiday is the purpose on which Hungarians spend their money most gladly. 

According to Cofidis’ survey, Hungarian families spend the greatest sums on these things: vacation expenses (28%), beginning of school (17%), renewal of housing (17%), clothing and accessories (13%), health expenses (8%), electronics (8%) and entertainment (6%).

Hungarians also spend more in the summer than during Christmas. It can be explained by the fact that though Christmas presents affect more people, summer vacation is mostly the privilege of the richer families, so they tend to spend more on their holidays.

Hungarians spend gladly on vacation (88%), as well as on entertainment (75%) and summer camps for children (71%), clothing (70%) and housing renewal (69%). We can draw the conclusion that Hungarians spend more willingly on experience and enduring things. They like much less to spend on festivals or wedding gifts (50%). It is housing renewal (46%) and summer vacation (38%) that most likely make families exceed their planned funds. However, these are also the expenses that they are less likely to regret.

The population between the ages 18 and 69 years often spends more than usual in July-August (17-22%) and in December-January (47%). The survey also reveals that there are more than two financial climaxes in a year.

There are great spending periods like the heating season at the beginning of the year (January-February) and the housing renewal in the spring (March-May). The beginning of the school year mostly affects families with younger children, they usually spend 100 euros more per month in this period.

The summer expenses are mostly funded by personal income (66%) or saved money (58%). Savings are mostly used for renewals and vacations, and most Hungarians begin saving half a year in advance. One fifth of the families receive some gift, mostly from grandparents.

ce: ZsK

Source: Forbes.hu