Switzerland: Retail sales fall at sharpest pace since April 2020 in January
Retail sales dropped 0.5% year-on-year in calendar-adjusted terms in January, which contrasted December’s 5.4% increase. January’s figure marked the worst reading since April 2020. The notable deterioration was primarily driven by drops in household equipment and culture and recreation goods sales, likely linked to the closure of the hospitality sector and non-essential stores. However, food, beverages, and tobacco sales gained traction.
On a monthly basis, retail sales plunged 5.3% in seasonally-adjusted terms in January, contrasting December’s 2.3% expansion and marking the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at plus 1.3%, down from December’s 1.4% reading.