Consumer confidence in Switzerland at pre-crisis level

SECO’s April survey shows that expectations about general economic developments and euphoria about employment have improved in particular

Swiss households are regaining a certain optimism.
The April survey shows that expectations regarding the general economic development have improved in particular.
The propensity to make major purchases has also increased.
In April, the consumer confidence index rose to -7 points. This means that it has effectively returned to the pre-crisis level of the beginning of 2020 and is now only slightly off the multi-year average (-5 points).

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This marked improvement is primarily due to expectations about the general development of the economy.
From -18 points in January, the corresponding sub-index rose to +3 points, the highest value since autumn 2018.
According to the survey, consumers expect the economic recovery to continue over the next twelve months.
The increased propensity to make major purchases also contributed to the rise in the confidence index. However, the corresponding sub-index (current level: -13 points) has not yet returned to its pre-crisis level.

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Improved outlook for the labour market

The outlook for the labour market is also better than in previous quarters, but is still much more negative than in the pre-crisis period.
The unemployment expectation index (90 points) has improved considerably, while the job security index has remained at a very low level since last autumn.
Price developments are weighing on consumers’ purchasing power. In the wake of rising inflation rates, they perceive a higher increase in prices, both past and future, than in previous quarters.
As a result, households remain cautious in assessing their financial situation. The sub-indices on past and expected financial situation (-12 and -6 points respectively) remain below the corresponding average value.

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