In March the index compiled by the State Secretariat for Economic Affairs (SECO) dropped by 12.5 points to –42.9, compared with February 2026. That marks a decline of 8.1 points from the same month a year earlier. The fall leaves sentiment at its weakest since early 2024.
The downturn appears to reflect rising geopolitical uncertainty. The recent conflict in Iran is likely to have weighed heavily on households’ expectations, adding to a broader sense of economic unease.
The deterioration was broad-based. Sub-indices tracking expectations for the economy, households’ future financial situation and the timing of major purchases all fell below their levels of March 2025. By contrast, views of households’ past financial situation were largely unchanged, suggesting that the gloom is driven more by anxiety about the future than by current hardship.
The latest reading brings the index close to previous lows. A similar trough was recorded in April 2025, shortly after Donald Trump announced a first round of tariff increases, which unsettled global markets and dampened sentiment.
Consumer sentiment is based on a monthly survey of households conducted by SECO, with data collected since 1972. Unlike many economic indicators, which focus on firms or output, it captures the mood of private households—often a useful guide to future spending.
The message from the latest figures is clear: Swiss consumers are growing more cautious.
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