The rise in the UBS consumption indicator in June from 1.24 to 1.34 points continues to point to an upward trend in Swiss private consumption. The situation in domestic tourism appears to be normalizing. The number of overnight stays in hotels rose by 1.3% in May compared to the previous year, though this was mainly due to domestic visitors, who made up 60% of the additional overnight stays. Furthermore, a slight improvement in the retail industry has also became apparent - despite the recent hefty fall of almost 10% year-on-year in clothing and shoe store revenue, combined with the ongoing exchange rate headwind.