Few in mood for Christmas shopping

Consumer confidence in Switzerland is at a five-year low, the State Secretariat for Economic Affairs (Seco) said on Monday.

The index sank in October to minus 27 points, down from minus 17 in July.

The October value, Seco said, was below the long-term average (1972-2008) for that month by approximately minus eight points.

Two of the three sub indexes Seco uses to judge consumer confidence fell substantially in the last quarter. Swiss opinion regarding the general economic situation dropped from minus 25 in July to minus 57 points.

People have also become more concerned about their jobs with that index sinking from minus 21 to minus 61.

Consumers said their own financial standing over the past 12 months and for the coming year remains nearly unchanged.