Economy Consumer sentiment dampened slightly again in August
Following the slight improvement in July, consumer sentiment in Switzerland deteriorated again slightly in August. The monthly consumer sentiment index compiled by the State Secretariat for Economic Affairs (Seco) stood at -35 points after -32 points in July.
06.09.2024, 09:42
06.09.2024, 11:29
SDA
Compared to the previous year (August 2023), this is an increase of 6 points, as Seco announced on Friday. The sub-indices Expected economic development, Past financial situation, Expected financial situation and Time for major purchases are above the level of August 2023. Respondents also expect inflation to ease over the next 12 months.
By contrast, expectations regarding the labor market have worsened. Job security and the development of the unemployment rate are rated less favorably than a year ago. But back then, the situation on the labor market was excellent, said Seco expert Felicitas Kemeny when asked by the news agency AWP. In a long-term comparison, the situation is still at a very good level.
Health insurance premiums depress willingness to spend
In terms of reasons why it is currently an unfavorable time to make major purchases, the category "taxes / health insurance premiums" was mentioned more frequently than a year ago. The same applies to the category "Housing / rent". In contrast, the "Uncertainty" and "War" categories were ticked less often, as the statistics show.
The index had reached its lowest point to date in October 2023, when it slipped to just under -53 points. Since then, it had brightened practically every month until July 2024. Despite the slight downturn in August, Kemeny does not expect a trend reversal. It could be a seasonal pattern.
Since the beginning of 2024, the consumer sentiment index has been based on monthly surveys by Seco instead of the previous quarterly surveys. These are conducted continuously using online questionnaires, with 2757 people taking part last month.
