Suisse - Confiance des consommateurs

The Swiss consumer confidence index increased to -8 in the third quarter of 2019 from a revised -9.3 in the previous period and in line with market forecasts. The subdued sentiment is due in particular to households’ budget situation, with both the past (-13 points) and anticipated financial situation (-8 points) being assessed as well below average (average: -6 points and +2 points respectively). Therefore, the likelihood of consumers making major purchases has, unsurprisingly, also remained below average (-11 points; average: -6 points). With regard to the labour market, respondents remained confident overall, although anticipated unemployment has worsened. The relevant sub-index has climbed significantly to 39 points from 31 points, but has stayed below average (48 points).

The Swiss consumer confidence index declined unexpectedly to -6 in the second quarter of 2019 from -4 in the previous period and missing market expectations of -3. Consumers' views regarding their own financial situation deteriorated sharply (-4.7 vs -1.1 in Q1) and their expectations on ability to save money were much less positive (12.4 vs 21.3). Meanwhile, households' assessment on the economy in general improved (-2.6 vs -4.6) and that on anticipated unemployment fell slightly (30.7 vs 31.6). The long-term average of the index is -9.

The Swiss consumer confidence index rose to -4 in the first quarter of 2019 from -6 in the previous period and slightly above market expectations of -5. Consumers' views on anticipated unemployment fell significantly (31.6 vs 38.3 in Q4), and their expectations regarding their own budget improved sharply (-1.1 vs -4.0). In addition, households were much more confident that they will be able to save money (21.3 vs 9.3). However, the assessment of the economy in general has deteriorated (-4.6 vs 8.8), as consumers expect the growth slowdown to continue.