Survey: two-thirds of Swiss feel pressures of rising inflation

Just over one-third (34%) of Swiss people surveyed said they had cut back on how much they spend on food. Special offers and promotions have become more important for just over half and many seek out cheaper products (44%). © Keystone / Christian Beutler

Two-thirds of residents in Switzerland, one of the wealthiest countries in the world, say they have been feeling the impact of rising inflation over the past two years, a poll by the Deloitte consultancy reveals. Life has become “very difficult” for over a quarter of those surveyed.

Inflation is exerting a significant impact on consumer behaviour in Switzerland, the report said. People are cutting back on non-essential spending and making savings, the authors of the “Pulse of Switzerland” survey conclude.

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They found that over half (52%) of those questioned spent less on restaurants or nights out in the past 12 months. And 40% said they had cut back on buying clothing, holidays, travel and leisure activities. More than a third (34%) had cut back on how much they spent on food.

In all, 57% had reduced spending on non-essential items. Fewer people made savings on education (10%), public transport (14%) or telecommunications (16%).

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Customers are more willing to shop around, the authors say. Special offers and promotions have become more important for 51% of those questioned. Many also seek out cheaper products (44%) or have switched to cheaper suppliers (37%).

But only a small minority of respondents are opting for second-hand goods, making things themselves or borrowing due to higher prices. Deloitte therefore believes that there has not yet been any fundamental changes in consumer behaviour.

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In the survey, 27% of respondents across Switzerland said inflation had made life “very difficult” over the past 12 months.

Western Switzerland seems to be particularly hard hit, with 33% saying inflation made life “very difficult” and 40% “fairly difficult”. Across the country as a whole, almost two-thirds (65%) say inflation is making life difficult, rising to almost three-quarters (73%) in French-speaking Switzerland.

Rising rents and health insurance premiums are also a cause for concern. But savings are hard to make in both cases.

The survey shows that public opinion is roughly split on what to do. One half of the population wants long-term, sustainable solutions to rising inflation, while the other wants short-term action.

In Switzerland, prices are currently 6% higher on average than they were at the start of 2021. A total of 1,900 people living in the Alpine country took part in the Deloitte survey in November 2023.

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