Consumer sentiment in Switzerland has almost dropped back to its long-term average. While consumers still expect a positive economic development, they are less optimistic than in recent quarters. Consumers' expectations regarding their own budget also remain subdued, while they adjusted their assessment of inflation upwards. Correspondingly, the likelihood of consumers making major purchases remains low.

Having suffered a marked decline, the consumer sentiment index from July 2018 stands at -7 points and is now close to its long-term average (-9 points). Consumers had seemed far more optimistic in the previous four quarters.