Hungary's Quick Commerce market is experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Hungarian consumers are increasingly turning to Quick Commerce platforms for their convenience and speed. With busy lifestyles and a desire for instant gratification, customers are looking for fast and reliable delivery options. Additionally, the COVID-19 pandemic has accelerated the adoption of online shopping and delivery services, further fueling the demand for Quick Commerce platforms in Hungary.
Trends in the market: The Quick Commerce market in Hungary is becoming increasingly competitive, with both local and international players entering the market. These platforms are leveraging innovative technologies such as artificial intelligence and machine learning to optimize their operations and provide a seamless customer experience. Additionally, there is a growing trend towards sustainability and eco-friendliness, with many Quick Commerce platforms in Hungary offering green delivery options such as electric bikes and scooters.
Local special circumstances: One of the unique characteristics of the Quick Commerce market in Hungary is the prevalence of small local businesses. Many of these businesses are leveraging Quick Commerce platforms to reach a wider customer base and compete with larger retailers. Additionally, the Hungarian government has implemented policies to support the growth of small businesses, which has further encouraged the adoption of Quick Commerce platforms.
Underlying macroeconomic factors: Hungary's growing economy and high internet penetration rate have created a favorable environment for the Quick Commerce market to thrive. Additionally, the country's central location in Europe and its membership in the European Union have made it an attractive market for international Quick Commerce players looking to expand their operations. However, the market is not without challenges, including regulatory hurdles and the need to balance growth with profitability.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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