Last March, few people would have predicted that 2020 would be a successful financial year for Swiss retail. However, revenues have constantly exceeded the previous year’s level since May 2020, more than offsetting the slump during the first lockdown across all sectors. Business over the festive period was also brisk – revenues in December were up by almost 5 percent on 2019 figures. As industry is also on the path to recovery and is barely affected by the new restrictions, the economic downturn in 2020 is less drastic than originally feared, at around –3 percent.
The services sector is currently being hit by the new restrictions. In light of last year’s figures, however, there is a good chance of strong catch-up effects this year, once the restrictive measures have been lifted.