Amid cautious consumer behaviour, the Swiss retail sector shows growth in the food segment but decline in non-food categories.

According to the market research institute GfK, sales in the Swiss retail sector grew by 1.7% in the first quarter compared to the same period last year. The food/near-food segment achieved growth of 4.2%. The non-food sector, on the other hand, declined by 2.6%.

According to the GfK Market Monitor published on Wednesday, the Swiss retail sector continued to be influenced by cautious shopping behaviour and below-average consumer sentiment in the first quarter of 2024. According to the Federal Statistical Office (FSO), inflation was up 1.0% in March of the current year.

In the non-food segment, sales were down in the home electronics, fashion and household/living areas in particular, the report continued. In contrast, the “Do it yourself” segment in the same area developed positively due to mild weather conditions, which allowed the gardening season to start in the first quarter. The leisure segment and in particular the travel and sports sub-segments were also up on the previous year.

Meanwhile, online shopping remained a constant trend and achieved cumulative growth of around two percent at the end of March.

©Keystone/SDA