Swiss retail sales unexpectedly fell in January

According to the report from the Federal Statistical Office (FSO), turnover adjusted for sales days and holidays fell in the retail sector by 0.9% in nominal terms in January 2021 compared with the previous year. Seasonally adjusted, nominal turnover fell by 4.9% compared with the previous month. The economic sectors were affected to varying degrees.

Real turnover adjusted for sales days and holidays fell in the retail sector by 0.5% in January 2021 compared with the previous year. Real growth takes inflation into consideration. Economists had expected a 4.5% increase. Compared with the previous month, real, seasonally adjusted retail trade turnover registered a decline of 5.3%.

While retail sales of food, drinks and tobacco recorded an increase in nominal turnover of 13.7% (in real terms +13.9%) the non-food sector registered a nominal minus of 10.4% (in real terms –10.1%). 

Adjusted for sales days and holidays, the retail sector excluding service stations registered a 1.0% growth in nominal turnover in January 2021 compared with January 2020 (+1.3% in real terms). The result for service stations was a loss of turnover of 22.2% (in real terms –16.4%).

Excluding service stations, the retail sector showed a seasonally adjusted decline in nominal turnover of 5.1% compared with the previous month (in real terms –5.5%). Retail sales of food, drinks and tobacco registered a nominal minus of 1.2% (in real terms –0.9%). The non-food sector showed a minus of 11.0% (in real terms –11.6%).