Swiss consumer sentiment remains weak

Switzerland’s consumer confidence index fell to -32.8 in July 2025 from -32.4 in the same month a year earlier, underscoring that sentiment remains deeply negative despite modest improvements in some personal finance indicators.

The reading was weaker than market expectations of -30, pointing to persistent caution among households. The main drag came from a steep deterioration in views on the broader economic outlook, with the relevant sub-index plunging to -36.4 from -16.0 in July 2024, reflecting growing concerns over slower global growth, trade headwinds, and lingering uncertainty in the European economic environment.

In contrast, households’ perceptions of their own financial situations showed notable improvement.

The sub-index measuring the past financial situation climbed to -40.6 from -52.3 a year earlier, suggesting some relief from cost-of-living pressures, while expectations for future finances improved to -27.9 from -31.3, potentially aided by stable labor market conditions and moderating inflation.

There was also a modest rebound in sentiment towards major purchases, with that sub-index rising to -26.1 from -30.1, indicating that consumers may be slightly more inclined to consider big-ticket spending, even if overall appetite remains subdued.

However, the gap between pessimism on the macroeconomic front and tentative optimism on personal finances highlights a cautious consumer environment — one in which households may prioritize saving over spending unless economic visibility improves.