Switzerland: Retail sales record largest decline in six months in October
Retail sales fell 2.5% year on year in calendar-adjusted terms in October, which contrasted September’s 2.6% increase. The figure marked the worst reading since April. October’s notable weakening was partly driven by a bigger drop in food, beverages, and tobacco sales. In addition, household equipment sales fell at a sharper pace.
On a monthly basis, retail sales dropped 2.7% in seasonally adjusted terms in October, contrasting Septembers 0.9% expansion and marking the worst result since June 2021. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 0.9%, down from September’s 1.2% reading.