FX.co ★ Swiss Retail Sales Fall for 1st Time in 5 Months

Retail sales in Switzerland declined by 1.1% year-on-year in January 2026, sharply underperforming market expectations of a 2.7% increase and reversing a 2.8% rise recorded in December. This was the first contraction in retail activity since August and was largely driven by weaker demand for both food and non-food items. Sales of food, beverages and tobacco slipped 0.3%, following a 1.3% gain in the previous month, while sales of non-food products excluding fuel dropped 1.6%, after a strong 4.9% increase in December.

Turnover fell particularly sharply in several segments, including sales via stalls and markets and via mail order or internet, which plunged 15.3% after a 2.4% rise in December. Sales of information and communication equipment were down 0.7%, following a 17.6% surge previously, while turnover in cultural and recreational goods dropped 5.8%, reversing a 2.6% increase.

Overall retail trade excluding fuel stations fell by 1.1%, in contrast to a 3.1% rise in December. In contrast, fuel retailing showed signs of recovery, rising 0.8% after a 2% decline in the prior month. On a seasonally adjusted month-on-month basis, however, retail activity continued to expand, increasing by 1.1% in January after a 1% gain in December.