Consumer confidence down from record level

Consumers lose that record breaking edge Keystone

Switzerland's consumer confidence index slipped four points in April said the State Secretariat for Economic Affairs (SECO) on Thursday. January's quarterly survey had shown a record level of 25 points.

The index, based on a poll of 1,100 households, was at the same level as in the second half of 2000.

According to SECO, the decrease shows that households are now less optimistic about their financial situation than they were three months ago.

Marcus Allenspach, economist at Cantrade Private Banking told swissinfo that he was “positively surprised” by this latest data.

“You would expect a larger decline in the consumer confidence figures, considering what’s happening to the rest of the economy,” explained Allenspach.

Allenspach remembered that similar levels of consumer confidence were also seen in the late 80’s when unemployment in Switzerland was just 0.8 per cent.

“A decline of only four points in consumer confidence to these sorts of levels shows the economy must really actually be doing quite well still,” said Allenspach.

swissinfo with agencies