Swiss Retail Sales Likely To Drop In 2022: Credit Suisse

By Dayeeta Das
Share this article
Swiss Retail Sales Likely To Drop In 2022: Credit Suisse

Swiss retail sales are set to drop 4.1% this year after pent-up demand during pandemic-hit 2021 dissipates and shoppers return to normal patterns of spending, Credit Suisse analysts have said.

The amount spent on food, which benefited from a closure of restaurants last year and limited competition from cross-border shopping in cheaper countries, such as Germany and France, is expected to decline by 5.5%.

Non-food shopping is expected to drop by 2.8% in 2022, Credit Suisse said in its Retail Outlook report, one of the first forward-looking economic analyses of the year.


Still, after a 2.4% increase in overall retail spending in 2021, Swiss shops should still do better than during the pre-pandemic year of 2019, the authors of the study said.

They forecast food retailing 4.5% above 2019 levels and non-food retail 2.1% higher.


"We expect a decline from 2021 levels this year as many of the positive factors which drove sales will be absent," said Credit Suisse economist Tiziana Hunziker.

"Last year people bought long-lasting goods like computers, skis or furniture, while in other areas like DIY and hobby products people have stocked up," she added. "Still, I think we will be above pre-crisis levels."

Estimates indicate that in 2020 retail revenues totalled about CHF 99 billion (€95.5 billion) and last year have likely surpassed the CHF 100 billion (€96.4) level for the first time.

Food Sector Had A Good 2021

Retail consultant Martin Hotz said while the food sector had a good 2021, other areas like shoes and fashion were nervous and looking to cut costs.


Swiss retail sales were 1.2% higher in October compared with the same month a year earlier. November figures are due on 7 January.

Neighbouring Germany on Tuesday reported its retail sales rose unexpectedly in November despite renewed COVID-19 restrictions.

News by Reuters, edited by ESM. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.