Swiss Retail Sales Drop to 14-Month Low

Retail sales in Switzerland fell by 0.2% year-on-year in August 2025, following an upwardly revised 0.9% increase in July and missing forecasts of 0.5% growth. It was the first decline in retail sales since June 2024, driven by a drop in cultural and recreation goods (-0.9% vs 2.6% in July) and continued contraction in food, beverages, and tobacco sales (-1.1% vs -0.8%). In addition, growth slowed for non-food products (1.9% vs 3.4%), information and communication equipment (15.6% vs 19.9%), household equipment and furniture (2.3% vs 5.7%), online and mail-order (0.8% vs 2.9%), and other goods (0.5% vs 1.3%). In contrast, service stations posted stronger growth (3% vs 1.6%). On a seasonally adjusted monthly basis, retail trade slipped 0.2% in August, easing from a downwardly revised 0.4% fall in July. Excluding fuel, retail activity was flat from a year earlier, after a 1.3% rise in July.