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Subdued mood in October weakens UBS consumption indicator

Zurich/Basel Media Releases Switzerland

In October, the UBS consumption indicator fell from 1.39 to 1.29 points. Deteriorating consumer sentiment and a gloomy assessment in the retail sector pulled the UBS consumption indicator down.

Zurich/Basel, 26 November 2014 – The consumer mood, recorded by the State Secretariat for Economic Affairs (SECO), fell from -1 to -11 index points, dropping below its long-term average of -9 points for the first time since February 2013. The slowdown in growth during the second quarter of 2014 (growth rate of only 0.2 percent compared to the previous quarter) seems to have heightened concerns about economic performance and job security. This uncertainty has led consumers to put off making major purchases.

Retailers are also feeling blue. They put consumer sentiment at -9 index points, compared with -3 points in September, with the long-term average of the indicator at 6. This gloomy assessment indicates a significant deterioration in sentiment since the early summer, when retailers still considered the business situation to be quite good (19 points).

Car dealers provide slightly better news for the month. Seasonally adjusted registrations of new cars in October rose by 4.4 percent over the previous month. The figures for January to October nevertheless represent a drop of 3 percent over the same period in 2013.


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Bernd Aumann, UBS Chief Investment Office WM
Phone +41-44-234 88 71,

Veronica Weisser, UBS Chief Investment Office WM
Phone +41-44-234 50 62,

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