The number of online orders served by online shops in the Hungarian e-commerce market totalled 83 million in 2023. The total value amounted to around HUF 1,474 billion (EUR 3.7 billion euros), an increase of 8.5% compared to 2022, according to the survey by market research company GKID and Mastercard.
According to Norbert Madar, Senior Consultant and Partner at GKID, the market-shaping effect of Chinese retailers can be seen most clearly in the number of orders. The number of online orders from domestic retailers increased by 7% in 2023, but Hungarian shoppers actually ordered much more, just not from domestic or EU retailers.
All e-commerce segments except the FMCG online sector are already suffering from customer churn from Chinese e-commerce, with fashion, toys and home textiles being the hardest hit. GKID-Mastercard particularly emphasise Temu. The survey notes that the Chinese retailer, which launched in Hungary in September 2023, already had a customer base of 1.25 million in April 2024. Hungarian customers placed more than 1.5 million orders totalling almost HUF 22.5 billion (EUR 57.6 million) on Temu’s site in the first three months of this year.