Swiss Consumer Sentiment Improves to One-Year High

Switzerland’s consumer sentiment index fell sharply to -43 in March 2026, marking its lowest level since December 2023. This compares with -30 in each of the previous two months and came in well below forecasts of -32. The deterioration likely reflects the impact of the war with Iran and the associated surge in oil prices, which weighed on household confidence and led to a broad-based decline in sentiment. All major components weakened: perceptions of the past economic situation dropped to -62 (from -52), the economic outlook fell to -68 (from -31), the financial outlook declined to -32 (from -26), and the assessment of whether it is a good time to make major purchases slipped to -58 (from -55). Meanwhile, inflation expectations surged, with consumers anticipating significantly higher prices over the next 12 months (121.4 vs 98.3), while expectations for unemployment also increased (69 vs 64).

Switzerland’s consumer sentiment index stood at -30 in February 2026, unchanged from January and remaining close to its highest level in nearly a year, slightly below market expectations of -29. Consumers were somewhat more optimistic about the future economic situation (-31 vs -34 previously). Meanwhile, expectations for price developments over the next 12 months (98 vs 98) and the expected financial situation (-26 vs -26) remained unchanged. However, sentiment weakened regarding major purchases, with the expected situation for large purchases deteriorating to -55 from -51, while views on the timing for major purchases also declined to -27 from -24.

Switzerland’s consumer sentiment index inched up to -30 in January 2026 from -31 in December, matching market expectations and marking its strongest reading since January 2025. The improvement was driven by a firmer financial outlook, which rose to -26 from -28, alongside a better assessment of the past economic situation (-53 vs. -59) and past personal financial conditions (-37 vs. -39). The unemployment outlook also strengthened modestly, improving to 59 from 64. However, optimism about the broader economic outlook weakened slightly, with that gauge slipping to -34 from -32. On the inflation front, expectations for price growth over the next year eased, while five-year inflation expectations edged higher, pointing to mixed views on the longer-term price environment.