Consumer spending in November slightly above the previous year
Published: Tuesday, Dec 17th 2024, 11:20
Updated At: Wednesday, Dec 18th 2024, 00:58
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The Swiss population spent slightly more money in November than in the same month last year. However, a sustained recovery in domestic demand is still not in sight from Postfinance's perspective.
Consumer spending developed slightly positively in November. Adjusted for calendar effects, Swiss consumer spending in November 2024 was 0.2% higher than in the same month of the previous year, as the Swiss Post subsidiary announced on Tuesday. In the two previous months, there had been a year-on-year increase of 0.5% in each case.
Black Friday has an impact
Compared to previous months, however, the Swiss population spent significantly more in November, as expected, according to the communiqué. The key words here are: Black Friday, Cyber Monday. A clear "Black Friday effect" was particularly noticeable for computer and electronic products as well as department store sales.
Overall leisure spending was nevertheless "within the usual range", according to the data. Black Friday did support the "fun & leisure" sub-indicator in certain areas. But when it came to restaurant visits, for example, Mr and Mrs Swiss were not so keen to spend.
On the other hand, spending on everyday consumer goods ("everyday life & household") in November was significantly higher than the average for the last six months. Meanwhile, there was a slight increase in the areas of "Beauty & Wellness" and "Travel".
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".
©Keystone/SDA
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