Understand the key trends shaping demand and future opportunities...
Understand the key trends shaping demand and future opportunities across industries in Eastern Europe, with the latest regional and country-level analysis and market statistics.
As inflation continues to rise, an increasing number of households find themselves in a financially precarious situation at the end of the month or salary payment periods. The impact of inflation bites into monthly budgets, leading to higher expenses…
In the face of economic slowdown, there has been a clear decline in private consumption in Poland. Banks have tightened lending criteria for all types of loans to protect their business revenues. At the start of 2023, the criteria for granting…
Consumer lending in 2023 is experiencing a slowdown due to the rapid rise in interest rates and the prevailing economic uncertainty. There is a notable increase in interest in quick loans from non-banking institutions and card lending. The surge in…
The cost of living crisis remains a pressing issue for Czech consumers in 2023, with higher energy and grocery bills squeezing disposable incomes. People are still struggling to pay their bills and are therefore taking out loans or buying on credit…
The initial optimism of early 2022 was abruptly dampened by the end of the year, and this has persisted throughout 2023. The sharp rise in borrowing costs coupled with a decline in disposable incomes due to high inflation has compelled Hungarians to…
In 2023, Poland’s inflation rate remains in double-digits and many households are experiencing a deterioration in living conditions. The uncertain macroeconomic situation, high interest rates and the depreciation of real incomes has caused a slowdown…
Consumer lending in Romania for the year 2023 portrays a nuanced landscape influenced by several key factors. The confluence of increasing interest rates, high inflation, and the geopolitical context shaped by the Russian invasion of Ukraine has…
The cost of living crisis continues to shape consumer lending in 2023. With double-digit inflation still in play, consumers are paying much higher prices for goods and services in the Czech Republic. Card lending is rising as consumers struggle with…
The loan repayment moratorium for vulnerable borrowers, including credit card owners, to cope with the negative economic consequences of the COVID-19 pandemic was extended to the end of 2022, but was not renewed in 2023. Meanwhile, high interest…
The number of personal credit cards in circulation has been falling over the review period. Due to the high interest rates on credit cards, some consumers are paying off balances and closing credit card accounts. This trend can also be linked to the…
The growth in credit card transactions is slowing down as a result of persisting inflation and escalating consumer prices, prompting a return to higher levels of budget-consciousness and financial uncertainty. Economic instability has led to reduced…
With the merger of Takarékbank and MKB Bank, a new financial service provider was formed, MBH Bank. MBH Bank leads in the personal and commercial segments, including current accounts and debit cards, and is especially dominant in smaller towns and…
Debit cards have been gaining importance as a payment method in Poland since the COVID-19 pandemic, when many consumers switched to cashless transactions as a way of minimising the risk of coming into contact with the COVID-19 virus. In 2023, the…
Online payments have seen a significant surge in popularity, continuing through 2023, with an increasing number of e-commerce transactions being finalised through online payment methods. Electronic direct transfers and ACH (Automated Clearing House)…
Debit cards are generally preferred to credit cards in the Czech Republic. In 2023, debit card transaction growth is being driven by the decline in cash transactions and the growing number of point-of-sale (POS) terminals in retail stores. In 2023,…
The COVID-19 pandemic has significantly influenced payment habits in Hungary, leading to an increased reliance on cards, online payments and smartphone applications. This trend continued as pandemic-related restrictions were gradually lifted…
Financial cards and payments in Poland is undergoing substantial change with the continued increase in non-cash transactions in 2023. Card operators are focused on providing access to a variety of payment methods so that the consumer and merchant can…
Romania lags behind in financial inclusion compared to other nations, showcasing a lower uptake of basic financial services, primarily due to a trifecta of factors: low financial literacy levels, a significant grey economy, and a widespread…
Cash remains an important mode of payment in the Czech Republic, especially in rural areas, although modernisation is driving growth in financial cards and payments. The expansion of POS terminals in retail stores is driving financial card…
In January 2023, the previously separate pockets - accommodation, hospitality and leisure - were consolidated; therefore, the charges associated with these sectors are now aggregated and considered together. Also, in order to expedite the use of…
Against the backdrop of double-digit inflation in Poland, employees are increasingly interested in non-wage benefits that can help mitigate the rising cost of living. Many companies are responding to this pressing need by expanding the range of…
Pre-paid cards are experiencing significant growth in 2023, encompassing a surge in the number of cards in circulation, the volume of transactions, and their overall value. This surge is primarily attributed to the remarkable growth potential…
Pre-paid cards continued to perform well in 2023, with the number of cards in circulation rising steadily and transaction values registering double-digit growth. Digital solutions are performing well in pre-paid cards with Revolut, for example, using…
2023 was a year of stable, modest retail volume growth and strong double-digit retail value growth in current terms for cooking ingredients and meals in Bosnia and Herzegovina as high inflation and subsequent significant unit price growth all of…
Most product areas within cooking ingredients and meals maintained positive value, despite a decline in volume. This decline can be attributed to the significant inflation experienced in the previous year, the resulting growth in retail prices, and…
After declining in 2022, overall retail volume sales of cooking ingredients and meals in Croatia are set to increase moderately in 2023. This recovery is partly explained by the gradual easing of inflationary pressures linked to the global recovery…
Cooking ingredients and meals continued to expand in both volume and value terms in Estonia in 2023. This is attributable to the popularity of food and cooking blogs that promote products, Estonians spending less time on cooking, and a greater focus…
2023 is offering a more promising outlook for cooking ingredients and meals in Georgia than was seen in 2022, when the industry suffered from soaring costs across packaging, raw materials, and logistics. A standout in this scenario is the edible oils…
Retail sales of cooking ingredients and meals in Hungary registered buoyant growth in current value terms in 2023. However, this was due to massive inflationary pressures, rather than any huge upturn in demand. With Hungary having been added to the…
Cooking ingredients is expected to register muted constant value and volume growth in 2023. Continuing economic uncertainty as a result of Russia’s invasion of Ukraine, the meteoric rise in inflation and tightening monetary policy, all have a…
Cooking ingredients is expected to register moderate current value growth, but volume growth is expected to be minimal. Continuing economic uncertainty as a result of Russia’s invasion of Ukraine, the meteoric rise in inflation and tightening…
In 2023, the Polish market for packaged cooking ingredients and meals experiences significant growth and evolving consumer preferences. The ready meals category leads in terms of value, and to some extent in volume, with rigid plastics as the primary…
The performance of cooking meals and ingredients during 2023 was influenced by the impact of food price rises over the rate of inflation for many basic food products, which hiked the cost of living for consumers. The high cost of living had a…
The combination of rising prices and economic uncertainty is curbing demand for cooking ingredients and meals in Serbia. Local consumers are acutely aware of the increase in food prices, fuel and other goods, and are equally feeling the impact of…
Cooking ingredients and meals in Slovakia continues to feel the impact of rising unit prices in 2023, driving up value sales growth. As a result, Slovak consumers are becoming thriftier, allocating more of their budgets to essential expenditures such…
Increasingly busy consumer lifestyles are contributing to rising demand for convenience products that aim to reduce time spent cooking. Ready meals, spice mixes and sauces are thus all gaining in popularity. Ready meals are a great substitute for…
Two major forces are shaping the cooking ingredients category in the Czech Republic in 2023: high inflation and population increase due to the arrival of Ukrainian refugees. Within foodservice, prices are increasing, and many Czechs are instead…
After demand plummeted across all categories of cooking ingredients and meals over the course of 2022 as the Russian Federation’s invasion of Ukraine interrupted supply chains, caused widespread financial hardship and motivated huge numbers of local…
Debit cards are generally preferred to credit cards in the Czech Republic. In 2023, debit card transaction growth is being driven by the decline in cash transactions and the growing number of point-of-sale (POS) terminals in retail stores. In 2023,…
Sales of edible oils declined in retail volume terms over the course of 2023 amidst downwards pressure on consumer demand for all categories of cooking ingredients and meals. Despite the essential status of edible oils, especially sunflower oil,…
The consumption of edible oils in Bulgaria is experiencing a decline in 2023, primarily attributable to a significant drop in olive oil sales. This decline is a consequence of turbulent climate conditions in Spain and Italy, which have had a profound…
Following a sharp contraction in 2022, overall retail volume sales of edible oils in Croatia have rebounded strongly in 2023. The return to growth has been underpinned by the stabilisation of unit prices, which had risen dramatically the previous…
Olive oil recorded the fastest value and volume growth in 2023 as more Estonians adopt a healthy diet. Consumers have become more mindful of the food and ingredients they consume, leading many to opt for healthier edible oils such as olive oil.…
Sunflower oil steadfastly maintains its pre-eminence within edible oil in Georgia, not only in volume but also in the value terms, substantially surpassing olive and corn oil's market shares in 2023. The overall category is driven sunflower oil.
The market for edible oils continues to be dominated by sunflower oil, global prices of which skyrocketed in 2022, following Russia’s invasion of Ukraine, the world’s leading producer. While Hungary produces enough sunflower oil to satisfy its…
Conditions markedly improve for the consumer in terms of edible oils in 2023. In 2022, the war in Ukraine caused edible oil prices to skyrocket in Lithuania, due to Ukraine being one of the main suppliers of sunflower oil globally. In 2023, the…
Conditions markedly improve for the consumer in terms of edible oils in 2023. In 2022, the war in Ukraine caused edible oil prices to skyrocket in Lithuania, due to Ukraine being one of the main suppliers of sunflower oil globally. In 2023, the…
In the first half of 2023, concerns and misconceptions arose regarding the importation of sunflower oil into Poland, primarily due to geopolitical issues and trade restrictions. The Minister of Agriculture clarified that sunflower oil was not,…
The projected drop in retail volume sales of edible oils over 2023 is due to price hikes. The prices of sunflower seeds hiked due to the war in Ukraine and a prolonged dry season, alongside higher manufacturing and retailing costs driven by fuel and…
Sunflower oil prices continued to rise in 2023 boosting current value sales, although consumption has fallen, with retail volume sales registering a second year of decline. Sunflower oil has been losing share in terms of retail volume sales, as olive…