Retail trade achieved sales at previous year’s level in 2023 according to association
Published: Wednesday, Jan 17th 2024, 15:01
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According to the Swiss Retail Federation, annual sales in the Swiss retail sector in 2023 were roughly on a par with the previous year. However, the trend is pointing downwards and is likely to continue in 2024.
Nevertheless, retailers are likely to close the year with a "satisfactory" result, according to a statement issued by the association on Wednesday. The Swiss Retail Federation analyzed retail sales on the basis of debit and credit card transactions.
Definitive sales figures for 2023 are not yet available. However, based on the evaluation of the card data, the result is expected to be at the previous year's level.
Weak December
"The first half of the year in particular clearly exceeded expectations and more than compensated for the rather weak fall," it said. The data also showed that sales in the Christmas period were slightly lower overall. These fell by 1.3% compared to December 2022.
The Federal Statistical Office (FSO) reported a real - i.e. taking into account factors such as inflation - increase in retail sales of 0.7% in November compared to the same month last year. More recent figures for December or for 2023 as a whole are not yet available.
Falling sales in 2024
Meanwhile, the Swiss Retail Federation expects the market environment to be "very challenging" in 2024. Whether the sales level can be maintained in 2024 is "anything but certain".
For example, shopping tourism has already gained significant momentum again in 2023 and is likely to intensify further due to the falling euro exchange rate. According to the association's industry barometer, more than a third of Swiss retailers are expecting a below-average result in 2024.
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