Switzerland: Retail sales contract at sharpest pace on record in April
Retail sales plummeted 19.9% terms in April, which followed March’s 5.8% decrease. April’s reading marked the steepest fall on record as lockdown measures enacted to prevent the spread of Covid-19 wreaked havoc on the retail industry.
April’s downturn was largely due to tumbling sales in the non-food sector, principally in household items, fuel and recreation. Meanwhile, there was a mild uptick in retail sales via mail order and the internet.
On a monthly basis, retail sales fell at a quicker rate of 14.7% in April (March: -6.7% mom). The print marked the worst result on record. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 1.5%, down from March’s plus 0.1% reading.