Swiss consumer confidence improves only slightly in July

The consumer confidence index compiled by the State Secretariat for Economic Affairs stood at minus 34.8 points in July. In June it was minus 35.8.

The improvement is one point and does not change the picture. Seco notes that the confidence climate remains at historically low levels.

The comparison with the previous year points the other way. In July 2025 the index was at minus 32.8 points, two points above the current value.

The four sub-indices

The overall index is the average of four components, all of them weaker than a year ago.

The assessment of the financial situation over past months is the most negative: minus 43.9 points, against minus 40.6 in July 2025. Expectations for the financial situation in the coming months stand at minus 31.5 points, from minus 27.9.

Forecasts for the general economic outlook are at minus 36.7 points, against minus 36.4 last year. Willingness to make major purchases is at minus 27.2 points, from minus 26.1.

The gap between the components is telling. The judgement on past months is the harshest, while willingness to make major purchases remains the least negative of the four readings.

The historical low remains March 2024, at minus 42.9 points. The current index is therefore some way from that figure, but also from the long-term average.

An index of this kind does not measure actual spending. It records stated intentions and perceptions, and serves to signal in advance the changes in behaviour that consumption statistics pick up later.

The survey has existed since 1972 and has been conducted monthly for some years. Respondents answer fourteen questions on a scale running from plus 2, much better, to minus 2, much worse.

Ticino is represented more heavily than its share of the population would suggest. The larger sample allows more reliable readings south of the Alps as well.