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Switzerland Retail July 2020

Switzerland: Retail sales speed up in July

Retail sales rose 4.1% in annual terms in July, which was above June’s 3.3% increase. July’s reading bodes well for private consumption at the outset of Q3, and was likely supported by the lifting of lockdown restrictions.

Looking at the details of the release, food, beverages, and tobacco sales increased sharply in July, while household equipment sales grew at a softer rate. On a seasonally-adjusted monthly basis, retail sales rebounded, rising 0.7% in July (June: -2.3% mom).

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