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UBS Consumption Indicator: Swiss private consumption still solid
The UBS Consumption Indicator rose from 1.45 to 1.51 points in March, indicating continued solid growth in Swiss private consumption. Improved sentiment among retailers and, most recently, the tourism sector sent out more positive signals.
Zurich, 27 April 2016 – The UBS Consumption Indicator rose from 1.45 to 1.51 points in March on the back of improved retailer sentiment. Despite the continued strength of the Swiss franc, flourishing shopping tourism and subdued consumer sentiment, the survey figures from the KOF Swiss Economic Institute at ETH improved to -7 index points (-10 index points in the previous month). The number of new car registrations, however, was down a little in March and prevented an even stronger rise in the UBS Consumption Indicator.
Tourism also started sending out more positive signals recently. Following a slow start to the winter season, February saw 1.6 million overnight stays by Swiss guests, which translates into a 2.7 percent increase year-on-year. The hotel business now has its hopes pinned on the summer. Last year's exceptionally beautiful summer will have whetted the appetite of many Swiss nationals to spend their vacations in their own country. The KOF thus expects the number of overnight stays at Swiss hotels by national and international guests to go up by around 2.6 percent this year.
UBS Switzerland AG
Dominik Studer, UBS Chief Investment Office WM
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Alessandro Bee, UBS Chief Investment Office WM
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