Switzerland: Retail sales growth hits all-time high in March
Retail sales increased 22.6% year-on-year in calendar-adjusted terms in March (February: -6.6% c.a. yoy). The print marked the best result on record. The notable turnaround was largely due to rebounds in household equipment and culture and recreation goods sales, amid the reopening of shops and leisure facilities. However, March’s reading was flattered by the favorable base effect, given that the economy went into lockdown in March 2020.
On a monthly basis, retail sales grew 22.1% in seasonally-adjusted terms in March, rebounding from February’s 5.3% fall and marking the best result since May 2020. Meanwhile, the trend improved notably, with the annual average growth of retail sales coming in at plus 2.9%, up from February’s 0.7%.