The Economic Environment of the Media Market in Hungary 2023

In the past 3-4 years, the Hungarian economy has been hit by numerous shocks. Due to soaring energy prices, food inflation, falling real wages, and significant interest rate hikes, the economy has experienced substantial fluctuations. Although these shocks have subsided, the economic restart has been uneven, and a stable economic revival is still anticipated.

Inflation peaked in January 2023 at 25.7%, but the official (KSH) average annual inflation data indicates a decline to below 5% by February 2024. Household consumption decreased by 2.9-3%, but growth is expected in 2024. Consumer confidence is growing slowly due to the decreasing inflation.

The high inflation had a significant impact on the media market. Advertisers' budgets struggled to keep up with inflation, which resulted in a decrease in media spending in 2023, despite an 11% nominal growth.

Published: September 15, 2024

MÁRTA HORNAI
DIRECTOR OF MEDIA SERVICES | WECAN
marta.hornai@wecan.net
Márta started her career as a junior media planner at café in 2006. After two years, she switched to the client side, and worked in the telco sector for 7 years. 
She returned to the agency side in 2017. She spent her last 13 years specialized in digital, taking part in the digital transformation of various client’s and fields. 

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The Economic Environment of the Media Market in Hungary 2023

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