Demographics

Hungary is a landlocked country with a population of 9.6 million. It is located in the Carpathian Basin and neighbored by Romania, Croatia, Slovenia, Ukraine, Austria, Serbia, and Slovenia. The majority of people in Hungary follow the Catholic religion, while 25% are Calvinist. Hungary is the oldest county in Europe, with Budapest as its capital independent of any government. It is well-known for its national parks and cowboys.

Average Salary

The salaries in Hungary vary immensely depending on your qualification and experience. A working adult in Hungary makes around 493,000 HUF per month. Even though the salaries are higher in Budapest, the cost of living is also 100% costlier than in other cities.

Economy

A large fraction of the economy of Hungary is based on agriculture and foreign trades. Around one-tenth of the total land area is utilized for cultivation. Corn, wheat, potatoes, and sugar beet are prominent Hungarian exports. Almost 27% of the collective trades are to Germany, followed by other European countries like Slovakia, Italy, and Romania. They spend around 5% of the GDP on education, leading to a 99% literacy rate.

Hungary’s economy has improved in the past years and reached 62nd place in the 2020 Index, increasing by 1.4 points. It is ranked 33rd among the European economies, and its overall score is higher than the world average.

E-commerce in Hungary

Regardless of being a landlocked country, e-commerce trends in almost all parts of the country. Eight million people in Hungary use the internet, and 7 million visit social media platforms regularly. With 83% of people having internet access, every 9 out of 10 adults aged between 17 and 79 purchased at least once online in the previous year. Dropshipping to Hungary is expanding, and Hungarian e-commerce contributed to the global growth rate of 17% in 2019.

Payment Methods

Cash on delivery is the most preferred payment method when buying from local vendors in Hungary. However, the interest of the citizens to make online purchases from other countries has increased the use of credit cards. 45% of buyers opt for cash on delivery, and 44% use credit cards. Bank transfers and e-wallets such as Mobiano, PayPal, and Amazon Pay account for 5% of the payments.

Fig. Payment methods in Hungary

Popular Products

Fashion and beauty are the most popular segment in Hungary’s e-commerce market, with $583.6 million in sales. Electronics and physical media sales come near $365 million. Other prevalent product segments in the region include appliances and furniture.

Future of e-commerce

Hungary’s e-commerce market is projected to grow by 7.1% in the coming years and hit $2,262 million by 2025. In the near future, Hungarian e-commerce is anticipated to generate revenue of $1,719 million in 2021. Moreover, experts also believe the user penetration to reach 59.5% in 2025.

Dropshipping to Hungary

If you are willing to benefit from the growing e-commerce in Hungary, expand your business with Wefullfill by dropshipping to Hungary. Our shipping services are quick, offering delivery in 8 to 12 business days at the expense of $4.00 only. Connect to us today and take your business to the gorgeous streets of Hungary!