In July, the UBS consumption indicator rose to 1.32 points from 1.21. A slight downward adjustment of the June figure and above-average car sales generated the increase. However, the disappointing June figures for tourism and sluggish consumer sentiment slightly curbed this upward trend.

The rise of the UBS consumption indicator to 1.32 from 1.21 still suggests a boost in Swiss private consumption, but is qualified by the downward adjustment of the June figure. The revision resulted from the much lower number of overnight hotel stays of Swiss guests in June than first projected. The dismal weather severely dampened the general desire to take a vacation, resulting in a 3.3% reduction in overnight stays compared to the previous year.