Postfinance consumption indicator down significantly in July
Published: Monday, Aug 12th 2024, 10:10
Updated At: Tuesday, Aug 13th 2024, 01:59
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Consumption in Switzerland fell sharply in July. According to the Postfinance consumption indicator, consumers spent significantly less money in the month under review than in the same month last year.
Adjusted for calendar effects, Swiss consumer spending in July 2024 was 2.4% lower than in July 2023, as the Swiss Post subsidiary announced on Monday. In the previous month (June), consumer spending had remained more or less stable compared to the previous year (+0.1%).
The slowdown is evident in all areas of consumption, according to the report. However, there has been a noticeable reduction in spending on everyday goods, which are probably primarily being replaced by cheaper alternatives, according to the report. The willingness to spend on travel, on the other hand, remains high.
Travel spending remains high
According to the sub-indicators, consumer spending on everyday consumer goods has recently declined noticeably and is well below the levels of the previous year. The decline was particularly evident in household items, but other segments, such as the knowledge sector, which includes newspapers and books, also recorded a decrease.
A certain reluctance on the part of the Swiss population can also be felt in the area of beauty and wellness. Both spending on beauty treatments and clothing has weakened recently, according to the report.
According to Postfinance, spending on "fun and leisure" was also down slightly, which was reflected in expenditure on both sporting activities and personal hobbies. Compared to previous years, however, the level of expenditure is still solid.
Meanwhile, the Swiss population's spending on travel remains high. According to the report, spending in restaurants worldwide even increased slightly last month. However, slightly less was spent on hotels.
Every month, Postfinance anonymously evaluates the payment transactions of its 2.5 million customers. The consumption indicator calculated from this shows consumer spending adjusted for sales day and public holiday effects in a year-on-year comparison or on a seasonally adjusted basis compared with the previous month for the sub-indicators "Everyday life & household", "Beauty & wellness", "Fun and leisure" and "Travel".
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