# Hungary’s booming wedding market doused by soaring inflation Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-03-27 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Hungary's Wedding Market Hit by Soaring Inflation Meta Description: Discover how Hungary's wedding market is being affected by skyrocketing inflation, impacting costs and changing wedding plans. Read more. URL: https://financedigest.com/hungarys-booming-wedding-market-doused-by-soaring-inflationhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-27t091102z2lynxmpej2q0aortroptp4hungary-weddings-1736814254662-compressed.jpg) By Gergely Szakacs and Krisztina Fenyo BUDAPEST (Reuters) – Soaring inflation is taking the steam out of Hungary’s wedding market, supercharged in recent years by Prime Minister Viktor Orban’s lavish family support measures, with the number of weddings plunging to a nine-year-low at the start of 2023. Nationalist Orban, in power since 2010, has launched tax breaks, housing support schemes and cheap loans worth some 5% of economic output per year for newly weds to arrest Hungary’s demographic decline, while strongly opposing immigration. The measures have fuelled a boom in recent [years that has lifted Hungary to the top](https://www.financedigest.com/2017-cfo-outlook-top-priorities-as-new-year-gets-underway.html "2017 CFO Outlook: Top Priorities as New Year Gets Underway") of the European Union matrimony table at 6.9 weddings per 1,000 people in 2020 based on Eurostat figures, the latest comparable statistics. The [impact was so strong that sociologists say](https://www.financedigest.com/stanchart-ceo-says-at1-bond-wipeout-has-profound-impact.html "StanChart CEO says AT1 bond wipeout has profound impact") Hungary was the only country in the world where the number of weddings did not fall during the COVID-19 pandemic in 2020. But the situation appears to be changing with Hungary now projected to run the EU’s highest average [inflation rate](https://www.financedigest.com/uk-inflation-rate-unexpectedly-rises-to-10-4-in-february.html "UK inflation rate unexpectedly rises to 10.4% in February") at 16.4% this year amid surging food, power and services prices, driving up the cost of nuptials and eroding the value of Orban’s support measures. In [January the number of weddings recorded](https://www.financedigest.com/uk-shop-price-inflation-hits-record-8-in-january-brc.html "UK shop price inflation hits record 8% in January: BRC") in Hungary fell to 1,230, preliminary data showed – the lowest number since January 2014. Livia Murinko, a senior research fellow at the Hungarian Demographic Research Institute, [says high inflation has contributed to a fall](https://www.financedigest.com/buy-off-plan-to-beat-stalling-house-prices-and-falling-rental-yields-says-jean-liggett.html "“Buy off-plan to beat stalling house prices and falling rental yields” says Jean Liggett ") in the number of weddings after the boom years fuelled largely by all the related government handouts. “Nearly anyone who could potentially get married has already done so,” she said. “We did not think that this wedding boom would be so strong and prolonged, but it will now probably return to equilibrium.” Kinga and Sandor Urban-Szabo, who put off their wedding plans due to COVID-19, [say their budget for the event has now surged to nearly four times what they were planning to spend](https://www.financedigest.com/should-we-be-more-cautious-about-contactless-1-in-4-young-adults-with-contactless-cards-say-theyve-increased-their-spending.html "Should we be more cautious about contactless? 1 in 4 young adults with contactless cards say they’ve increased their spending") in 2020, as the annual inflation rate hit 25.4% – the highest in central Europe. Others are [scaling back](https://www.financedigest.com/mifid-ii-why-you-should-not-scale-back-your-implementation-efforts.html "MIFID II: WHY YOU SHOULD NOT SCALE BACK YOUR IMPLEMENTATION EFFORTS") their wedding plans or even scrapping receptions altogether. Stunned by the costs, many couples do not even respond to emailed quotes, [service providers](https://www.financedigest.com/nets-acquires-polish-online-payment-service-providers-dotpay-ecard-from-mci-capital.html "Nets acquires Polish online payment service providers Dotpay/eCard from MCI Capital") say. Mihaly Toth, a master of wedding ceremonies, [says the number of couples planning to tie the knot is likely to fall from last year’s](https://www.financedigest.com/uk-to-avoid-recession-this-year-but-outlook-still-weak-bcc-says.html "UK to avoid recession this year but outlook still weak, BCC says") levels. “Costs have skyrocketed,” Toth said. “This obviously deters many couples from arranging wedding feasts.” Timea Szabo, 23, and her fiance, who got engaged in 2020, were also forced to forego a wedding reception due to the steep [rise in costs](https://www.financedigest.com/suedzucker-quarterly-profits-surge-73-5-despite-cost-rise.html "Suedzucker quarterly profits surge 73.5% despite cost rise"), with relatives tasked with the preparing the wedding dress and taking photographs. We will just have a [small family get-together and then go out with some friends for the night,”](https://www.financedigest.com/survey-shows-10-of-small-business-owners-get-less-than-4-hours-sleep-every-night-worrying-about-business-risks.html "Survey shows 10% of small business owners get less than 4 hours sleep every night, worrying about business risks") Szabo said. (Writing by Gergely Szakacs; Editing by Hugh Lawson) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---