Switzerland: Decline in retail sales softens marginally in June
Retail sales dropped 0.1% month-on-month in seasonally adjusted terms in June (May: -0.2% mom). The smaller contraction was due to a softer decline in automotive fuel sales. In contrast, food, beverages, and tobacco sales deteriorated at a faster pace.
On an annual basis, retail sales fell at a sharper rate of 2.2% in June (May: -0.2% yoy), the worst result since September 2023.
Over Q2 as a whole, retail sales declined slightly from Q1, which points to a slowdown in private consumption spending in the quarter—as predicted by our panelists.