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UBS Consumption Indicator: Car sales in the driver's seat
The UBS Consumption Indicator rose from 1.45 to 1.53 points in February, indicating consistent, solid growth in private consumption. New car registrations remained high, but retailer sentiment was rather subdued.
Zurich, 30 March 2016 – The UBS Consumption Indicator rose on the back of continued strong demand for automobiles, which increased 1.2% year on year in February. The number of new car registrations surpassed the high figure for February 2015, when importers discounted prices after the EURCHF exchange rate floor was abandoned. Retailer sentiment, by contrast, declined again slightly in February; the KOF survey dropped to -11 index points (from -8 index points in January).
Several data series used to calculate the UBS Consumption Indicator were revised by their publishers in February, and the indicator's readings of the last few quarters were updated accordingly. Retroactive changes were made to historical observations of gross domestic product (GDP), private consumption, retail business conditions, employment in Switzerland and the number of overnight hotel stays by Swiss nationals.
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