The average gifting budget has fallen to CHF411 ($473), down from last year's record of CHF500.

Consumer morale is being weighed down by inflation, rising health costs and general economic uncertainty, according to a study released by the GfK institute on Monday. In all, 40% of those questioned expect to spend less on gifts and a third expect to donate less to charitable organisations than in previous years.

Kurt Meister, an expert at GfK, believes that the Swiss are "shopping in a more targeted way and paying more attention to sales promotions", such as Black Week. ...