Switzerland Consumer Morale Unchanged in October

Switzerland’s consumer sentiment index rose to -31 in December 2025, up from -34 in November and beating market expectations of -33. It marked the strongest level since January 2025, driven by a sharp improvement in the economic outlook (-32 vs. -39) and a modestly better financial outlook (-28 vs. -29). Meanwhile, the unemployment outlook deteriorated slightly (64 vs. 62). Looking at the past situation, households were less pessimistic about both the economic (-59 vs. -61) and financial (-39 vs. -42) conditions. On the price front, expectations for 1-year and 5-year inflation eased, reflecting softer price pressures.

Switzerland’s consumer confidence indicator rose to -34 in November 2025, up from -37 in both October and the same month last year. It marked its highest level since July, driven by stronger economic expectations (-39 vs. -49 in October) and a more positive financial outlook (-29 vs. -32). Consumers were slightly more optimistic about the timing of major purchases (-25 vs. -26), though their assessment of the past economic situation remained weak at -61. The price outlook held steady, while expectations for unemployment worsened (-61 vs. -54).

Switzerland’s consumer sentiment index held at -37 in October 2025, unchanged from September and matching the level seen a year earlier. Expectations for the overall economy deteriorated, with the economic outlook sub-index dropping to -49 from -30 in October 2024, signaling greater pessimism about future growth. However, households felt somewhat less strained financially than a year ago. The sub-indices for the past financial situation (-40 vs -53), expected financial situation (-32 vs -34), and purchase climate (-26 vs -32) all improved.