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Pandemic takes a heavy toll on consumer confidence 

Many Swiss are now doing their shopping online.  (Keystone)

Switzerland’s consumer confidence index plummeted to a “historically low” level in April, according to a Wednesday statement from the Secretariat for Economic Affairs (SECO).

The index fell to -40 points, compared to -9 points in January, when the previous survey was conducted. That marks the lowest results since the early 1990s.

These results are provisional and are published exceptionally, SECO noted.

Household expectations regarding the development of the economic situation have deteriorated significantly since the onset of the coronavirus pandemic. The corresponding sub-index plummeted to -84 points.

Respondents are also pessimistic about their own budgetary situation. The indicator relating to future financial situation also dropped to a historic low (-24 points).

Survey participants indicated that it is not the right time to make big acquisitions (-48 points).

“These responses reflect, on the one hand, the impact of the closure of many businesses in the context of the extraordinary situation and, on the other hand, the very great uncertainty that currently prevails”, the office stated.

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