Postfinance consumption indicator shows slight growth in September
Published: Wednesday, Oct 16th 2024, 11:00
Updated At: Thursday, Oct 17th 2024, 02:00
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Consumption in Switzerland developed positively in September. According to the Postfinance consumption indicator, Swiss consumers are now spending more again than in the previous year.
Adjusted for calendar effects, Swiss consumer spending in September 2024 was 0.5% higher than in the same month of the previous year, the Swiss Post subsidiary announced on Wednesday. In August, consumption had fallen by 0.1 percent year-on-year and in July by as much as 2.4 percent.
According to Postfinance, the increase in September reflects the improved consumer sentiment compared to the previous year. While concerns about economic development and their own financial situation still dominated at the end of last year, Mr. and Mrs. Swiss are now somewhat more confident again. Nevertheless, a certain reticence remains, which is particularly evident in spending on everyday consumer goods as well as beauty and wellness treatments.
Restaurant visits stabilized at a high level
Among the sub-indicators (compared to the previous month, seasonally adjusted), the one for "Everyday life & household" shows that less is still being spent on everyday goods than in the previous year. According to Postfinance, this trend is particularly evident in household items. Spending on food, on the other hand, has risen, although this is probably mainly due to the higher price level.
According to the figures, spending in the "Beauty & Wellness" segment also remains subdued. Over the course of this year, expenditure on both clothing and health treatments has tended to fall. However, this trend appears to have bottomed out in the last two months, according to the report.
Spending on "Fun & Leisure", meanwhile, was much less subject to strong fluctuations this year than in previous years. Visits to Swiss restaurants in particular have stabilized at a high level. In contrast, saturation is still noticeable in the area of computers and electronics. Meanwhile, the "travel" sub-indicator remained at a high level.
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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