A measure of Swiss consumer demand increased “minimally” in March as demand for hotel accommodation offset a decline in new car registrations and consumer confidence, UBS AG said.
The consumption indicator, which signals developments about three months ahead, rose to 1.25 points from a revised 1.24 points in February, the Zurich-based bank said in an e-mailed statement today. The February figure was previously reported as 1.26.
The indicator is based on new car registrations, retail sales, the number of domestic overnight stays by Swiss residents, consumer confidence and credit-card transactions at UBS points of sale in Switzerland.
“Prime snow conditions made skiing vacations more attractive,” while at the same time “new car registrations collapsed in March,” UBS said in the statement.