Swiss Consumer Confidence Edges Up But Remains Weak

In April, the overall consumer confidence index calculated by the State Secretariat for Economic Affairs (SECO) stood at -40.0 points, up 2.9 points from -42.9 in March, when sentiment had deteriorated sharply from -30.4 in February. On a year‐on‐year basis, the index improved by 2.4 points but remained below the 2023–2026 average of -37.5.

A closer look shows a notable improvement in perceptions of the general economic outlook. The sub‐index for expected economic development rose month‐on‐month from -67.9 to -58.0, although it remains well below its multi‐year average of -33.6.

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Views of personal finances also improved slightly but stayed clearly negative. The sub‐index for the financial situation over recent months edged up from -41.3 to -40.1, while expectations for the coming months increased from -32.3 to -31.1. The moment is still considered highly unfavourable for major purchases, with the relevant index virtually unchanged at -29.7.

Concerns over job security also remain pronounced. The corresponding sub‐index improved marginally from -60.6 to -59.7 but is still far below the three‐year average of -31.6.

Respondents continue to report high price pressure. The sub‐index on past price trends rose sharply, from 113.5 to 120.8. Expectations for price developments eased slightly over both the next twelve months (from 121.4 to 117.8) and the next five years (from 109.9 to 99.9), though both remain at elevated levels.

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The consumer confidence survey has been conducted since 1972, initially quarterly and now monthly. Respondents answer 14 questions using a five‐point scale ranging from“much better” to“significantly worse”. Individual sub‐indices are calculated as arithmetic means multiplied by 100, and the overall consumer sentiment index is derived from four key components: expected economic development, recent and expected personal finances, and the readiness to make major purchases.

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Adapted from French by AI/sb