Survey: Two-Thirds Of Swiss Feel Pressures Of Rising Inflation

1/27/2024 2:14:45 PM

(MENAFN- Swissinfo) Inflation is exerting a significant impact on consumer behaviour in Switzerland, the report said. People are cutting back on non-essential spending and making savings, the authors of the“Pulse of Switzerland” survey conclude.

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They found that over half (52%) of those questioned spent less on restaurants or nights out in the past 12 months. And 40% said they had cut back on buying clothing, holidays, travel and leisure activities. More than a third (34%) had cut back on how much they spent on food.

In all, 57% had reduced spending on non-essential items. Fewer people made savings on education (10%), public transport (14%) or telecommunications (16%).

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Customers are more willing to shop around, the authors say. Special offers and promotions have become more important for 51% of those questioned. Many also seek out cheaper products (44%) or have switched to cheaper suppliers (37%).

But only a small minority of respondents are opting for second-hand goods, making things themselves or borrowing due to higher prices. Deloitte therefore believes that there has not yet been any fundamental changes in consumer behaviour.

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In the survey, 27% of respondents across Switzerland said inflation had made life“very difficult” over the past 12 months.

Western Switzerland seems to be particularly hard hit, with 33% saying inflation made life“very difficult” and 40%“fairly difficult”. Across the country as a whole, almost two-thirds (65%) say inflation is making life difficult, rising to almost three-quarters (73%) in French-speaking Switzerland.

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