Swiss Consumer Confidence Improves Sharply On Stronger Expectations

Consumer sentiment in Switzerland sharply improved in the January quarter to top economists' expectations, driven by significantly less pessimism among households' regarding their own and the national economic situation in the coming months, survey data from the State Secretariat For Economic Affairs, or SECO, showed Thursday. The consumer confidence index climbed to -30 from -47 in the October survey. Economists had expected a score of -38.

The latest reading was the strongest since the second quarter survey of 2022, when it was -28. "Consumers are significantly more optimistic on economic performance over the next 12 months than they were in October 2022," SECO said.

However, the headline reading remained well below its long-term average of -6 points.

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The sub-index reflecting households' assessment of the economic outlook surged to -16 from -57 in the previous survey. The measure mirroring their view on their own financial situation in the coming months climbed to -25 from -47 in the previous round.

That said, consumers remained cautious regarding their intentions to make major purchases this quarter as the relevant sub-index only improved slightly to -41 from -42. The indicator showing the Swiss households' assessment of the past financial situation improved modestly to -39 from -40.