Suzuki research – 92.6% of Hungarians have changed their spending habits due to the challenging economic conditions

18 May, 2023

The current economic circumstances have affected the financial situation of almost all of us (98.8%), to the extent that we have had to optimize our spending. The average is also saving in 2-4 areas. With current fuel prices, we would think that the use of cars would also be reduced, but 66.9% of us continue to use the cars in the same way as before, according to a recent survey by Magyar Suzuki Corporation

Everyone saves where they can

In its latest survey, Magyar Suzuki asked to what extent the current economic situation is affecting household budgets. Unsurprisingly, with few exceptions (1.2%), everyone is feeling the effects of inflation and price changes, with 53.1% of us feeling the effects severely or very severely and 45.7% to a lesser extent. The majority of respondents (57.2%) are trying to cut spending in 2-4 areas at the same time, 20.6% are saving in more than one area, and almost as many (22.2%) are saving in only one segment or not at all.

Updating the wardrobe is the easiest thing to give up (55.1%), while higher value investments such as buying property or a car (52.8%) and holidays (48.9%) are postponed or rescheduled. We also fill our shopping baskets more carefully in grocery stores (46.9%). Surprisingly, car use is only ranked 5th in the list (33.1%). This is followed by overheads (31.4%) and leisure expenditure (27.6%). However, money spent on education and training (9.1%) and on physical and mental health (8.4%) seems to be cut only as a last resort.

Everyday car use remains a priority

The Magyar Suzuki survey clearly shows that cars are a necessity in everyday life (43.4%) and a key to our freedom (24.3%), even in the face of tough economic conditions, and 66.9% of respondents do not limit their use.

There are those who need to make sacrifices in this area too. Most people tighten their belts by trying to stick to a daily routine (43.8%), but some (38.5%) only get in the car on certain days or times of day. Alternative modes of transport, such as public transport, have been integrated into daily life by 17.2% of those who have mostly driven so far. 9.3% of survey respondents travelled with others to share fuel costs, and 6.7% increased the amount of time they spent working from home compared to before.

We would only buy a car now if it is justified
For various reasons, but the vast majority of respondents (81%) do not plan to buy a car in 2023. 49.6% would not replace their car until its technical condition justifies it, while 39.9% simply cannot afford to replace their vehicle in the current situation. Those who do (19%) are mostly looking at the used car market (14%), with a preference for conventional models with an internal combustion engine only (14.54%).

 

"The whole sector is committed to the green transformation of the automotive industry, both at the manufacturing and product level, but a match between customers, needs and technology, education and the right infrastructure are essential to the uptake of green driving. The results of our research clearly show that the public is still unfamiliar with this area, they know little about it, they see the technology as very new and, in many cases, expensive, they are still distrustful, they are waiting to see what solutions will be developed in addition to electric drive, and they hope that prices will come down over time (46.9%). In this situation, Suzuki's economical, realistically priced models are a good alternative for those who do decide to buy a new car" - said Zsuzsanna Bonnár-Csonka, Head of Corporate Communications of Magyar Suzuki Corporation.