Consumer confidence was steady in October at minus 37, matching the result of the previous month as consumers continue to be restrained.

Whether it's a good time to buy big ticket items, consumers were more unlikely to in October than September, with the reading at minus 26 compared to minus 25. Expectations for future purchases of expensive items was unchanged in October at minus 53.

This might be explained by consumers' financial situation. Expectations of consumer finances fell in October to minus 32 from minus 28 the previous month.

Although inflation isn't gnawing at consumer budgets, the tone is nevertheless subdued.

The State Secretariat for Economic Affairs (SECO) compiles a quarterly survey of consumer attitudes on present and expected economic and financial conditions. The survey covers around 1,200 Swiss households and results are synthesised into a single summary consumer climate index that attempts to measure consumer sentiment.

The pattern in consumer attitudes and spending is often a major influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth. Consumer spending accounts for a major portion of the Swiss economy, so investors want to know what consumers are up to and how they might behave in the near future. The more confident consumers are about the economy and their own personal finances, the more likely they are to spend. An increasing important element of the survey is the question concerning current buying intentions.