Retail sales in Switzerland fell by 1.1% year-on-year in January 2026, missing market forecasts of a 2.7% rise and slipping from a 2.8% increase in the previous month. The latest figure also marked the first decline in retail activity since August, driven by lower sales for food, beverages and tobacco (-0.3% vs 1.3% in December) and non-food products excluding fuel (-1.6% vs 4.9%). Turnover particularly decreased via stalls and markets, via mail order houses or via internet (-15.3% vs 2.4%), information and communication equipment (-0.7% vs 17.6%), and cultural and recreation goods (-5.8% vs 2.6%). Additionally, overall retail trade excluding fuel stations fell by 1.1%, reversing a 3.1% rise in December. Conversely, fuel retailing recovered (0.8% vs -2%). On a seasonally adjusted monthly basis, retail activity grew by 1.1% in January, following a 1% rise in the preceding period.