Bern, September 7 (FinanceFlashNews) – Swiss consumer confidence took a significant hit in August 2024, falling more sharply than analysts predicted. According to the State Secretariat for Economic Affairs (SECO), households in Switzerland have become increasingly pessimistic, particularly about the economic outlook and their ability to save. Data from RTTNews and Trading Economics revealed a steeper decline than forecasted.
The consumer confidence index dropped to -34.6 points in August from -32.4 points in July. Analysts had expected a more moderate decline to -33 points, but the index remains well below the long-term average.
Pessimism surrounding the economic outlook for the next 12 months deepened, with the sub-index falling to -22 points from -16 points in July. The sub-index reflecting consumers’ ability to save saw an even steeper drop, from -1.3 points to -8.5 points.
Consumers also hesitated when it came to making larger purchases, with the corresponding sub-index decreasing to -32.3 points from -30.1 points in July.
Swiss Consumer Confidence Index Trends:
| Category | August 2024 | July 2024 |
|---|---|---|
| Overall Consumer Confidence | -34.6 | -32.4 |
| Economic Outlook (12 months) | -22 | -16 |
| Ability to Save | -8.5 | -1.3 |
| Willingness to Make Large Purchases | -32.3 | -30.1 |
Keywords: Swiss consumer confidence, SECO, RTTNews, Trading Economics, economic outlook, saving ability, large purchases
