In early February, Hungarian Minister of National Economy, Márton Nagy, announced the government’s plan to establish a tourism bank aimed at enhancing the competitiveness of the sector.

Zoltán Guller, President of the Hungarian Tourism Agency (MTÜ), shared insights on future developments for the tourism industry, emphasizing a robust growth trajectory.

According to Guller, the implementation of a digital SZÉP card, new direct flights from Budapest to the United States, and the launch of the tourism-focused financial institution are key initiatives expected in 2024. Furthermore, he noted that in 2024, Hungary's tourism growth rate is projected to exceed the European average by 50%.

As per the National Tourism Development Strategy, Hungary aims to achieve 20 million visitors and 50 million guest nights by 2030. In 2023, nearly 18 million foreign tourists visited Hungary, marking an approximate 11% increase compared to the previous year.

Guest nights saw a nearly 6% increase, setting a record of over 44 million.

Preliminary data suggests that the performance may further improve as the figures are often revised upward.

Highlighting Hungary's tourism success on an international scale, Eurostat's data indicated that Hungary surpassed the average European increase in guest nights by a substantial margin.

Hungary ranked sixth in terms of visitor number growth and ninth in guest night growth within the EU.

Regional comparisons demonstrate Hungary's competitive edge: while the number of visitors in Austria grew by 3.9% in the first eleven months of 2024, Hungary achieved a growth of 10.6%.

Croatia’s growth in visitor numbers was noted at approximately 3.5% for the same period.

Budapest's tourism figures were particularly striking, reaching a visitor growth rate of over 22%.

In November 2023, the city was tied for first place globally in visitor growth, competing with cities like Alicante, Miami, and Los Angeles.

In domestic tourism, approximately 9.3 million Hungarian travelers spent 22 million nights in the country's accommodations last year, representing a 6% annual increase, even as many European countries saw stagnation in domestic travel.

The government is actively pursuing new direct flight routes to the United States, with discussions underway to establish connectivity to cities such as New York.

The United States is currently Hungary's fourth largest market for accommodations and the ninth in terms of overall tourist numbers.

Collaboration with three airlines is being sought to introduce more flights.

The upcoming campaigns to attract international tourists are set to launch in late February, focusing on key markets such as Germany and the United States, with an aim to enhance booking propensity during early travel planning periods.

Additionally, a new support fund will be established to invigorate business tourism within Hungary, particularly in regional cities.

The city of Debrecen has already demonstrated significant growth in business-oriented visitors, outperforming Budapest in terms of foreign guest nights.

Despite challenges related to grey economies within the tourism sector, the MTÜ aims to improve transparency and integrate non-compliant service providers into the national data reporting framework by the end of 2025. The tourism sector is projected to generate substantial revenue from taxation strategies that will support its ongoing development.

Overall, the Hungarian tourism sector is set to capitalize on past successes and enhance its appeal as a top travel destination, with comprehensive strategies designed to sustain long-term growth.