The UBS Consumption Indicator rose in September. The increase from 1.53 to 1.59 points confirmed recent positive developments in private consumption. This is in sharp contrast to the picture among retailers, who recorded a 2.9 percent fall in sales year-on-year in August and thus the twentieth drop in succession. Retailers have not had any good news to report since January 2015, and the improbability of any significant improvement over the next few months is highlighted by the retail business climate index of the ETH Swiss Economic Institute (KOF). The August figure is significantly lower than the long-term average.

Despite the ailing retail sector, private consumption has shown solid development. This is primarily down to domestic tourism and the car market, with vehicle sales actually exceeding expectations recently.