FX.co ★ Swiss Retail Sales Swing to Contraction in January, Underscoring Fragile Consumer Demand

Switzerland’s retail sector stumbled at the start of 2026, with year-over-year sales falling 1.1% in January, according to data updated on 2 March 2026. The decline marks a sharp reversal from December 2025, when retail sales rose 2.8% compared with the same month a year earlier.

The figures are reported on a year-over-year basis, meaning January 2026 sales are measured against January 2025, while the prior reading compared December 2025 to December 2024. The abrupt shift from solid growth to contraction suggests a weakening in consumer spending momentum after a relatively robust end to last year, raising questions about the durability of domestic demand in the Swiss economy.