Market – Switzerland

The team is based in Zurich at the HQ.

Project Managers

Display content aboutProject Managers

	Angelo Brazerol
Contact LinkedIn	+41 44 288 12 63 angelo.brazerol@switzerland.com www.linkedin.com/in/angelo-brazerol-06040156/

	Nicolas Turnell
Contact LinkedIn	+41 44 288 12 44 nicolas.turnell@switzerland.com https://www.linkedin.com/in/nick-turnell-510b60190/

	Reto Stauffiger
Contact LinkedIn	+41 44 288 13 25 reto.stauffiger@switzerland.com https://www.linkedin.com/in/retostauffiger/

• ST market research page –– here
• ST Research Report 2023 –– Download here
• ST TMS 2017 –– Download here

Swiss GDP is showing solid growth in Q4 2024. Growth was evenly driven by industry and services, with consumption and investment boosting demand.

(Source: www.seco.admin.ch/seco)

Economic Outlook: Slow Growth & a high degree of uncertainty

The Federal Government Expert Group has slightly lowered its Swiss GDP forecast, expecting 1.4% growth in 2025 and 1.6% in 2026 (previously 1.5% and 1.7% in December).
Switzerland’s economy is set to grow below its historical average for another two years. These forecasts assume no escalation in global trade tensions. Given the high uncertainty, SECO has outlined two alternative scenarios alongside the expert group’s forecast.
Switzerland’s GDP saw solid growth in Q4 2024, driven by the services sector and the chemical and pharmaceutical industries, while most of manufacturing stagnated. Parts of Swiss industry continue to struggle. Growth in Q1 2025 is expected to be moderate. Globally, the outlook is mixed: the US economy is losing momentum, while European economies outside Switzerland have had a slow start to the year.

Under this assumption, the global economy is expected to grow at a slightly slower pace in the coming quarters than predicted in the December 2024 forecast. This will dampen cyclically sensitive sectors of Swiss exports, reduce industrial capacity utilisation and constrain in-vestment. The Expert Group has slightly revised its 2025 economic growth forecast for Switzerland downward to 1.4% (December forecast: 1.5%). This means the Swiss economy would underperform its historical average (1.8%), following two years of modest expansion. As before, domestic demand is expected to provide stability. Low inflation (2025 annual aver-age: 0.3%, forecast unchanged) will bolster household spending, while employment is projected to increase marginally. The construction sector is also anticipated to continue its recovery.
By 2026, Europe is expected to recover gradually from the current downturn, supporting Swiss exports and investments. The Expert Group forecasts 1.6% GDP growth for Switzerland in 2026 (down from 1.7% in December), with inflation averaging 0.6% (previously 0.7%).

Moderate economic momentum is accompanied by a slight rise in unemployment, projected to average 2.8% in both 2025 and 2026 (December forecast: 2.7% for both years).

(Source: www.seco.admin.ch/seco)

After a record summer, overnight stays in Switzerland will continue to rise in winter 2024/25, reaching 18.1 million (+149,000, +0.8% compared to 2023/24).

While European demand weakens due to the strong Swiss franc and sluggish economic conditions, domestic demand is increasing. Long-haul markets remain the main growth driver, with guests from the USA playing an increasingly significant role even in winter.

(Source: Prognose für den Schweizer Tourismus, Oktober 2024)

BAK Economics forecasts a 1.8% growth (+445,000) in summer 2025, bringing the total to 24.8 million overnight stays. Major events like the ESC in Basel and the Women’s Football European Championship will contribute to this growth. Domestic tourism is also expected to grow again in the summer season, and European demand is likely to see a slight recovery. France stands out positively, as French guests have increasingly chosen Switzerland for their summer holidays in recent years.

In recent years, domestic tourism has been the main pillar of Swiss tourism. Swiss residents have stayed in hotels within Switzerland much more frequently than before the Covid-19 pandemic. Available data suggests that Swiss people are generally making more overnight stays, with the additional nights primarily occurring within Switzerland. In 2023, the number of overnight stays by Swiss nationals in Europe was similar to 2019. While figures for Germany and Austria declined, they increased in Mediterranean regions. For long-haul travel, the Swiss population is still below 2019 levels. Overall, the anticipated travel boom abroad for Swiss residents did not materialise; instead, there was more of a catch-up effect than a true rebound.

(Source: Prognose für den Schweizer Tourismus, Oktober 2024)

The Swiss market focuses primarily on the personas Lou, Kris and Pat. They reflect 75% of all guests in the market.

Find more information about the personas here.