ZURICH, (Reuters) – Swiss retail sales fell 4.1% last year as pent-up demand for pandemic-hit 2021 dwindles and customers return to regular spending patterns. Credit Suisse (SIX:), Analysts said Wednesday.

Expect a 5.5% drop in food spending, after which there was less competition and closure of restaurants.

Credit Suisse stated in their retail outlook report that the non-food market is likely to decline by 2.8% between 2022 and 2022. This was one of the early forward-looking economic analysis of the year.

According to the researchers, a 2.4% increase of overall retail spending in 2021 should see Swiss shops perform better than they did in 2019, despite this.

The forecasts for food retailing are 4.5% higher than 2019 levels, and non-food retailing 2.1% lower.

Tiziana Hunziker, Credit Suisse economist, stated that she expects a drop in sales from levels of 2021 this year because many of the factors that drove them will not be present.

She said that “Last Year people purchased long-lasting goods such as computers, furniture or skis, but in other areas, like DIY and hobbies, people have stocked up.” “I think that we will still be higher than the pre-crisis level.”

According to estimates, retail sales in 2020 will reach around 99 billion Swiss Francs (or $108.17 billion), and they are expected to surpass the 100 billion mark for the first year.

Martin Hotz, a retail consultant said that while the sector of food had a strong 2021 ahead of it, others like fashion and shoes were anxious and trying to reduce costs.

Swiss retail sales increased 1.2% in October, compared to the year before.. December figures will be available on January 7.

Neighboring Germany reported Tuesday that its November retail sales increased unexpectedly despite new COVID-19 restrictions.

($1 = 0.9152 Swiss francs)