The Hungarian travel market has performed positively on the whole in 2023. Inbound, outbound and domestic trip numbers have increased strongly and come closer to their pre-pandemic levels, with diminishing concerns about COVID-19 and the ending of most associated restrictions continuing to support the release of pent-up demand.
Although airlines current value sales and passenger numbers in Hungary have continued to increase in 2023, growth rates are set to be well down on the previous year. This is mainly because demand for air travel is now stabilising after having bounced back impressively in 2022 in tandem with the easing of the pandemic and the lifting of restrictions previously imposed to curb the spread of COVID-19.
In keeping with developments across the wider travel market, 2023 has been another year of recovery for hotels in Hungary, albeit one marked by significant challenges. With inbound arrivals and domestic trips remaining buoyant, current value sales and room nights have continued to grow.
As with airlines and hotels, booking in Hungary has seen growth in total current value sales slow in 2023 amidst the gradual stabilisation of demand for travel services in the wake of the recovery from the pandemic and the most severe cost-of-living crisis in a generation. However, this category has been somewhat better insulated from the latter challenge, as many consumers have chosen to book trips earlier than usual so as to lock in prices before they increase further.
The outlook for travel in Hungary over the forecast period is broadly favourable, with inbound, outbound and domestic trip numbers projected to increase consistently and the airlines, lodging and booking categories poised to record robust growth in current value sales. Following the deprivations of the pandemic, residual pent-up demand is expected to carry into 2024, though with inflationary pressures likely to persist for some time, the impact of this trend will be blunted by further price hikes and heightened budget-consciousness.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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