Retail trade looks back on a difficult first half-year
Published: Wednesday, Jul 10th 2024, 11:40
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The Swiss retail sector had a tough time in the first half of 2024. Consumers' buying mood deteriorated noticeably, particularly in the second quarter of the year, and online retail is also currently experiencing slow business.
In the first quarter, momentum was still strong, mainly thanks to a good food retail sector, according to a statement issued by the Swiss Retail Federation on Wednesday. For the second quarter, however, everything points to stagnating to declining sales figures.
The association's study is based on an evaluation of debit and credit card transactions.
Weak online trading
According to the report, domestic online retail is under particularly strong pressure. According to the report, a decline of around 3% is expected in the first half of the year compared to the same period last year. Categories such as multimedia, office supplies, do-it-yourself and watches and jewelry were among the biggest losers.
According to the study, some bricks-and-mortar retailers also recorded a sharp drop in sales. There was less demand for clothing and shoes, for example, as well as items from the leisure and hobby segment. However, this was compensated for by the positive development in the food segment, particularly at the beginning of the year, and a "slight increase" is expected overall.
Shopping tourism at a high level
Meanwhile, shopping tourism appears to have stabilized at a "very high level", the report continues. For the current year, the association anticipates a drop in sales of "over 10 billion francs", around a quarter of which will be attributable to the online sector.
The Chinese online trading platform Temu is a particular thorn in the side of the association. "Temu and its ilk" could effectively be operating in a legal vacuum.
The association is therefore calling for better framework conditions from politicians. For example, they are demanding that foreign providers also comply with the rules regarding product quality or competition and price disclosure standards. The Swiss Retail Federation filed a complaint against Temu Switzerland with the State Secretariat for Economic Affairs (Seco) at the end of May.
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