Switzerland’s consumer confidence deteriorated markedly as their expectations over the economy as well as their personal financial situation sunk, results of a survey showed Thursday.
The consumer confidence index plummeted to -40 in the October round of the quarterly survey by the State Secretariat for Economic Affairs, or SECO, from -27 in the previous survey.
The score was much less than the long-term average of -6 points.
The economic expectations index of the survey plunged to -37.3 from -6.8.
The measure for the expected financial situation fell to -37.8 from -25.0.
Consumers’ assessement of their past financial situation eroded significantly with the corresponding survey sub-index sinking to -50.9 from -38.2.
Meanwhile, the pessimism regarding major purchases eased slightly, though was clearly negative. The relevant reading improved to -33.8 from -38.0.