The UBS consumption indicator stood at 1.48 points in April, indicating average private consumption growth. The improved mood in the retail sector supported the indicator, while a decline in new car registrations had a negative effect. The index of consumer sentiment measured by the State Secretariat for Economic Affairs also fell slightly. The March figure was revised slightly lower, from 1.50 to 1.44.

New car registrations in April were down 10% from the previous year, or by almost 3,000 vehicles. Owing to the late Easter, however, April this year had three fewer working days than last year, when Easter fell in March. Thus, the demand for cars may have been greater than the number of new car registrations would suggest, since more than 1,200 new vehicles were registered on average per working day in 2016. On the other hand, tourism may have benefited from the additional public holidays in April, after the number of overnight stays in hotels by Swiss residents fell by 0.3% this March compared to the previous year.