Swiss Consumer Morale Better than Expected

Switzerland’s consumer sentiment index rose to -40 in April 2026, beating market expectations of -46 and improving slightly from -42 a year earlier. The increase was driven mainly by stronger views on the expected economic outlook, with that sub index improving to -58 from -67 in April 2025. Consumers also reported a slightly better assessment of their past financial situation compared with a year ago. Expectations for future personal finances were broadly unchanged, while the indicator measuring willingness to make major purchases remained weak despite a modest improvement from last year. Overall, sentiment stayed deeply negative, reflecting continued caution among Swiss households despite some improvement in economic expectations.

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.