Switzerland: Retail sales continue to expand in August
October 1, 2020
Retail sales grew 2.5% calendar-adjusted year-on-year basis in August (July: +3.6%).
Looking at the details of the release, food, beverages, and tobacco sales rose in August, while household equipment sales increased at a softer rate. Meanwhile, culture and recreation goods sales fell at a softer pace compared to the prior month.
On a monthly basis, retail sales dropped 1.9% in seasonally-adjusted terms in August, which was below July’s flat reading. Meanwhile, the trend improved slightly, with the annual average variation of retail sales coming in at minus 0.2%, up from July's minus 0.5%.
Retail sales figures for July and August paint a much more positive picture of private consumption compared to Q2, spurred by the lifting of Covid-19 restrictions.
Author: Oliver Reynolds, Economist