The consumption indicator fell slightly in November, to 1.67 from 1.68 points. Values from previous months were revised upward by a significant margin in response to surprisingly strong summertime growth in overnight stays. New car registrations gained 1.3% in November, slightly below the average established in previous months.

Looking ahead to 2018, UBS Chief Investment Office Wealth Management expects consumption to grow 1.3%. Solid economic growth and moderately rising employment should continue to support private consumption. Rising inflation has, however, adversely affected real wage growth and, by extension, private consumption growth. Moreover, third-quarter employment growth still remains below the long-term average of 1.1%, only reaching 0.5%.