Switzerland: Retail sales decline in April
May 31, 2022
Retail sales decreased 6.0% year-on-year in calendar-adjusted terms in April (March: -6.6% c.a. yoy). Looking at the details of the release, food, beverages, and tobacco sales plunged in April, while household equipment sales dropped at a more moderate, albeit still pronounced, pace.
On a seasonally-adjusted monthly basis, retail sales fell 1.2% in April (March: +1.0% mom). Meanwhile, annual average retail sales growth fell to 1.1% in April (March: +4.1%), which marked an over one-year low. The soft retail sales readings can likely be linked partly to declining consumer confidence, which plummeted to a two-year low in April.
Author: Oliver Reynolds, Economist