Switzerland: Swiss consumers turn pessimistic
August 7, 2014
Consumer sentiment among Swiss households deteriorated in the May-July period. According to the State Secretariat for Economic Affairs (SECO), the consumer confidence indicator swung from plus 1 point in the February–April period to minus 1 point in the May-July period. The reading contrasted the rise to plus 3 points that the markets had expected and came in below the 0-point threshold that separates optimistic consumers from pessimistic.
SECO stated that consumer confidence in Switzerland, “has been better than its long-term average for several quarters, but further improvement is proving elusive.” Accordingly, consumers were less optimistic regarding both the country’s economic outlook and their own financial prospects for the next 12 months. In addition, consumers indicated that they felt more pessimistic about their current economic situation. Nonetheless, households’ willingness to make major purchases improved over the previous period.
Author: Ricardo Aceves, Senior Economist