Switzerland: Retail sales growth eases in June
August 2, 2021
Retail sales grew 0.1% year-on-year in calendar-adjusted terms in June (May: +2.8% c.a. yoy). The notable deterioration came on the back of drops in household equipment and culture and recreation goods sales. However, food, beverages, and tobacco sales contracted at a softer rate.
On a monthly basis, retail sales dropped 3.5% in seasonally-adjusted terms in June, which was greater than May’s 2.3% fall. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at plus 6.2%, down from May's 6.6%. Soft retail sales readings towards the end of Q2 could be linked to consumers shifting more spending towards services now that most Covid-19 restrictions have been lifted.
Author: Oliver Reynolds, Economist