Winter reflections

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

One thing is dominating right now, and that is widespread uncertainty, not least from a legal and investment perspective.

At international level, this uncertainty is being fuelled by a confusing jumble of tariffs that have been announced, imposed and repeatedly changed, plus taxes, sanctions and regulations on issues like AI and sustainability, all exacerbated by the current geopolitical situation.

Within Switzerland, meanwhile, it is being driven by the difficulty we are having in introducing lasting reforms in the policy areas that carry the most weight financially, such as old-age pensions and healthcare. We are also having trouble with some of our strategically vital realignments, such as in our energy, climate and transport policy and our Europe, neutrality and security policy.

The end result is that businesses are spooked. They are wondering whether it’s a good idea to make that investment now or whether they could actually put it off or scale it back a bit, or even do it somewhere else entirely.

The modest growth figures that SECO, the Swiss State Secretariat for Economic Affairs, is forecasting for this year and next – 1.3 per cent and 0.9 per cent respectively – leave no room for doubt.

What is the main priority for Deloitte Switzerland in the coming months?

We are currently working hard internally and with our clients on the sensible and responsible use of artificial intelligence. This has included developing an internal platform we call ‘Solaria’, which is offering our staff a growing number of AI applications in a safe, secure and legally watertight environment. Solaria is helping us with things like identifying the best AI tools for individual client requests. This is saving us time and opening the door to innovations powered by AI agents.

On the client side, our teams are introducing AI solutions that are helping to avoid unchecked growth and increased security risks. For life sciences clients, we are implementing specific solutions to help them identify the latest market trends and regulations efficiently and act accordingly. In the financial services sector, we are mainly using AI to improve customer service at banks, insurers and wealth managers and reduce the amount of routine work.

Rather than simply automating tasks, our aim here is to support people as they go about their work. Ultimate responsibility still lies with the human beings involved.

Deeply impressed

Which recent development have you been most impressed or preoccupied with?

The most recent vote here in Switzerland brought it home to me once again how democracy isn’t a given, especially in today’s world, and that our system of direct democracy allows for a truly unique form of civic participation. This includes our ability to find common ground and accept differing opinions, while also accepting the outcome after clear debate and moving forward without ill feelings.

Either/or

Zurich Film Festival or Olma?

I have many good memories of my time as a student at the University of St. Gallen, so I would have to say Olma, preferably with a juicy Olma bratwurst on the side.

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

Switzerland’s growth prospects are currently at the mercy of a dangerous mix of geopolitical crises, ever-increasing government debt, a zero-interest-rate policy and a strong Swiss franc. It’s hardly surprising that this is eroding consumer confidence and people’s willingness to invest. This is also borne out by the latest figures from SECO, the Swiss State Secretariat for Economic Affairs, which are suggesting growth of just 1.3 per cent for 2025 and as little as 1.2 per cent for 2026. In per capita terms, that is practically no growth whatsoever.

Astonishingly, this urgency has not yet been sufficiently recognised in Swiss politics.

I’ve been pleasantly surprised by the clear stance that the government has taken on the new bilateral agreements that are designed to stabilise our relationship with the EU over the medium to long term. You can tell that the Federal Council has picked up the mantle on this issue again and gone back to acting in a more concerted manner. This is strengthening people’s confidence, especially in these highly uncertain times.

What is the main priority for Deloitte Switzerland in the coming months?

Our top priority is still to support our clients. In light of all the uncertainty hanging over the economy and society, we’re helping them to make their business activities more efficient, more robust and more resilient. We are also working as hard as ever on things that will keep our employees fit for the future, such as training on agentic AI. As a people business, we continue to support a wide range of employee initiatives geared towards improving cooperation across various boundaries, such as in the areas of neurodiversity, multiculturalism, LGBTQI and triathlons.

Deeply impressed

Which recent development have you been most impressed or preoccupied with?

I was recently lucky enough to attend a graduation ceremony for the ‘Matura’, or federal academic baccalaureate, as a father. I was impressed by how self-assured, mature and yet cool these young people are. We certainly don’t need to worry about the next generation!

Either/or

Would you prefer a non-fiction book or a thriller for your summer reading?

Non-fiction. Ideally something about current affairs, politics, history or philosophy – especially if it’s written like a thriller!

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

Two issues in particular are weighing on the economy at the moment.

The first is investment uncertainty: For some time now, this has been fuelled by various geopolitical conflicts, by persistently weak growth in Europe and by our country’s quest to adopt a new stance towards Europe and the wider world. This uncertainty has been significantly heightened by the recent announcement of impending US tariffs. We are feeling it in our discussions with clients, and it was already reflected in the latest figures published by the Swiss State Secretariat for Economic Affairs (SECO), which lowered its growth forecast to 1.4 per cent for this year and 1.6 per cent for 2026 even before America’s so-called ‘Liberation Day’.

The second issue is the impact on key regulatory initiatives of the radical shift in the political climate. For instance, the EU is intending to streamline sustainability regulation significantly with its ‘Omnibus’ package, something that will also have ramifications for the next round of upcoming planned legislation and the debate over ongoing popular initiatives in Switzerland. The Swiss Federal Council has also taken its foot off the accelerator in terms of how the government needs to tackle artificial intelligence. It has understood that, instead of going overboard on regulation here, we should definitely seize the opportunities for innovation that present themselves.

What is the main priority for Deloitte Switzerland in the coming months?

Because of the investment uncertainty that’s affecting large parts of the economy, we’ve been focusing our auditing and consulting services squarely on offering our clients as much guidance as we can in a difficult environment. This includes how to deal with sustainability regulation, the OECD’s tax reform, tricky M&A deals, prioritising complex digitalisation projects and fine-tuning operations in all areas of the company. Despite all the volatility, we can also see a lot of opportunities opening up to our clients and are working on the future together with them. And this goes for us as well: We too are continuing to develop and improve. For instance, we were recently singled out as an example of sustainable corporate governance.

Deeply impressed

Which recent development have you been most impressed or preoccupied with?

The earthquakes in Myanmar and Thailand. They remind us once again of how fragile life is at any given moment but also of how tragedies have the power to bring out the best in people.

Either/or

A ride on your e-bike or a spring walk in the countryside?

Walking – it’s an opportunity to enjoy nature and relax, far away from the technology that is ever-present in our lives.

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

I’m an optimistic person, and the start of the year always signals a new dawn for me. I always see opportunities for positive developments. The latter includes the latest economic data by the Swiss State Secretariat for Economic Affairs. Although they’re only forecasting modest growth of 1.5 per cent for 2025, it’s growth nonetheless. Unemployment is also set to stay fairly low, at 2.7 per cent, and inflation is in for another significant drop, to 0.3 per cent.

However, new clouds have also appeared on the horizon that could dampen the prospects for our heavily export-oriented economy. This includes the risk the US could restrict free trade, which would not be good news for Switzerland. After all, the US is now our most important export market – both for large corporations and medium-sized firms. For the prospects of the Swiss economy, certain domestic and economic-policy developments in key neighbouring countries are not necessarily positive either. Moreover, geopolitical developments remain uncertain.

In Switzerland, various recent referendums and the winter session of Parliament that’s now behind us have shown that we’re currently making incremental progress on investment and reform issues that are vital to the country’s supply security and its appeal as a place to live and do business.

Deeply impressed

Which recent development have you been most impressed or preoccupied with?

I’ve been highly impressed with the resilience shown by people in conflict zones. It shows how, despite the importance that we attach to resources and technologies, “strength” is also still heavily dependent on the willpower and innovative spirit of both individuals and whole communities.

Either/or

Would you rather be in the crowd watching the Lauberhorn downhill ski race or go for a walk through a snowy winter wonderland?

Snow walk for me! Given my busy life, I deeply enjoy a moment of silence in a snowy winter wonderland.

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

As reflected in the latest economic data from the Swiss State Secretariat for Economic Affairs, the Swiss economy is expected to grow by 1.2 per cent in 2024. Like last year, the figures are low and inadequate, and do not do justice to the country’s economic potential.

So it is all the more important for us to make the overall environment more attractive for businesses. However, I see a few dark clouds here: The intense debates on fiscal policy in the past autumn session show that numerous special interests of sectors, cantons and voter groups are being fiercely contested. Overall, we are clearly living beyond our means. This is also suggested by the updated forecasts relating to old age and survivors’ insurance. Even so, a form of consensus is emerging in civil society with regard to future priorities.

It doesn’t help here that the various urgently needed reforms in fields such as retirement provision and health care are making little headway. Progress towards the goal of climate neutrality is also slow. Often, when feasible solutions to the production of more climate-friendly energy seem to have been found in theory, they are met with substantial opposition in practice due to special interests. We will have to find a national consensus on all areas of reform. This will require a greater willingness to compromise by all stakeholders, as well as a much stronger commitment to thinking across generations and cantonal boundaries.

A key concern of the Swiss economy also remains relevant: maintaining and improving relationships with our main trading partners, particularly the EU member states. The level of complexity is constantly increasing here, and defence, security and neutrality aspects that are obviously highly sensitive now feature prominently, too.
 
What is the main priority for Deloitte Switzerland in the coming months?

Without a doubt, the priority is to further strengthen our market position. Our latest figures show that our growth is well above that of the overall market. We cannot take this for granted, and it requires a very far-sighted approach to various corporate issues – with regard to market developments and customer requirements and, internally, the skills and needs of our employees, as well as technological developments that require substantial investment.

Our main focus here is on current developments in the technology sector – such as cyber-security, the cloud, SAP and GenAI – and in the fields of sustainability and M&A, where we support clients from A to Z, or end-to-end.

I am particularly pleased that we are continuously making valuable contributions to topical issues with our studies and our in-depth thought leadership. These issues include sustainability, digital innovations such as artificial intelligence, cloud technology and cyber-security, asset management for private customers, the development of health insurance premiums and the needs of CFOs.
 

Deeply impressed

Which recent development have you been most impressed or preoccupied with?

I recently had a really positive, inspiring conversation with a group of young people. It reminded me that despite all the problems, crises and wars that we have been experiencing for years and rightly take very seriously, humankind has also made huge progress over the last two generations. Overall, it is probably in a better position than ever, such as in terms of equality, human rights, diet, education, health, social security and much more besides. Nevertheless, there is still far too much suffering and injustice in the world, and we must not settle for the status quo. However, I believe it is equally important that we recognise our achievements and give them due recognition. It is important that the highly motivated next generation builds on the good foundations that are in place in many areas.

Either/or

And briefly: Do you prefer a nice walk through an autumnal forest or getting together for a nice autumn dinner?

I love being out in the fresh air, but you can’t beat a lovely get-together with family and friends!

Business and the economy

What current challenges in the Swiss economy will be felt most over the coming three months?

Switzerland has to recalibrate its position in the world – economically, but also overall as a country. From an economic perspective, the focus is on our relations with the European Union, with whom negotiations have been ongoing since March. The negotiations got off to a difficult start. Not least because Switzerland – with good intentions – communicated its goals transparently from the outset, which brought a broad spectrum of doubters onto the scene. Key constructive forces have now become involved in the debate, including both important associations and the cantons. To clarify our relationship with the EU and minimise uncertainty with regard to the economic conditions, it is definitely important for the people to be able to vote on a specific agreement soon. The result of such a referendum must then be accepted with no ifs or buts.

However, the process of strengthening the economy will also include other agreements, such as the free trade agreement that has been signed with India and the one that is being targeted with the United Kingdom.

Furthermore, we as a country must consistently reform key areas of the economy and society. The pressure to cut costs should actually help us to stop just managing problems and begin adopting specific solutions as a matter of urgency. These must also be sustainable from a financial perspective, however. Setting clear priorities is therefore unavoidable.

In terms of international relations, Switzerland must think carefully about how it is going to position itself in the new geopolitical landscape that is emerging. Key considerations in this regard are the policy of neutrality, our relationship with NATO, the EU, the US and China respectively the BRICS countries, and our policy on sanctions. Bearing in mind our economy’s heavy dependence on exports, a clear and far-sighted approach is required here. We need answers that take into account the new political power relationships that are emerging.

What is the main priority for Deloitte Switzerland in the coming months?

Having concluded another, very successful financial year, we will continue focusing a lot on the continuous training and career development of our employees over the coming months. With this in mind, we recently opened the Deloitte University in Paris – a wonderful, inspiring training institution that is available to our employees.

We pass on knowledge about artificial intelligence, sustainability and a wide variety of sector- and service-specific topics using a whole range of training formats, from learning initiatives lasting several weeks to day-long workshops and events to classic brown bag sessions. Such activities promote not only specialist expertise but also collaboration across departments and mutual understanding within our company.



Deeply impressed

Which recent development have you been most impressed or preoccupied with?

The impressive performance of Switzerland’s football team. They have some good individual players who were given the freedom to express themselves, but success as a team was always the main priority. The team showed optimism, enthusiasm, momentum, courage and consistency. This is the attitude we need to adopt as a country as well.



Either/or

And briefly: would you rather watch EURO 2024 in a fan zone, at your friend’s place or at home in front of your own TV?

In front of my own TV. Then I can relax and let myself go even more.

Spring views 2024
 

Business and the economy
 

What challenges in the Swiss economy will be felt most over the coming three months?

Undoubtedly the developments in the area of generative artificial intelligence (GenAI). Although it presents a massive opportunity for Switzerland, it also poses a major challenge. Unlike other trends such as the metaverse, GenAI will bring about fundamental changes that all industries will be affected by. More or less every company – the government included! – will need to train their staff to ensure safe and secure use of AI at all times, review all their processes and adapt their business models accordingly. But this also opens up many new business opportunities, as well as the potential for increasing efficiency and the capacity for innovation.

I am very optimistic where GenAI is concerned. Switzerland has some proven strengths in the tech and software sector and is also highly competitive in other industries, including pharma, luxury goods, machinery, electrical engineering and finance. We will therefore be in a position to benefit handsomely from GenAI. I am convinced it will become a key driver of innovation.

What is the main priority for Deloitte Switzerland in the coming months?

GenAI is also top of the agenda for us as a company. We are currently scoping out all the possibilities that this technology offers, both for our clients and for ourselves internally. We are already using innovative tools such as the ChatGPT equivalent ‘PairD’, which is supporting our staff with their day-to-day work. To teach people more about generative AI and encourage greater use of it, we are putting on a large number of courses and organising a dedicated ‘GenAI week’ featuring various events. This initiative is about showcasing all the potential that GenAI has to offer. We want to keep our clients as well as ourselves up to date at all times.

We are therefore working closely with many other national companies to devise solutions that will enable us to create added value across borders. At the moment, we are drawing up key criteria for using GenAI in various business divisions and for various services. We want to harness the power of GenAI to make ourselves more efficient without neglecting our ethical responsibilities.

Deeply impressed
 

Which recent development have you been most impressed or preoccupied with?

I had spoken out in public against the initiative because it would put a massive strain on the public purse. As a democrat, it goes without saying that I accept the clear result of the vote. However, we need to make sure that we implement the new constitutional obligation in a financially sustainable way. It is something we owe society, particularly the younger generation. Otherwise, we risk breaching the intergenerational contract, which has proved robust up to this point – this must be avoided at all costs.

The coming months will reveal whether we can find a viable compromise that achieves this mission.

Either/or
 

An espresso in the square or a trek in the mountains – what do you prefer?

A fragrant espresso in the square while enjoying the sunshine in the company of my friends.

Winter views 2023

Business and the economy
 

What current challenges in the Swiss economy will be felt most over the coming three months?

A look at our client portfolio and an analysis of the latest economic data indicate a downturn in domestic demand. At the same time, conditions are becoming more and more difficult in key export markets, especially Germany and the US. Germany is facing challenges in its energy and automotive industries, as well as significant debt and the growing burden of upholding its former status as Europe’s ‘growth engine’. Meanwhile, the deep social and geopolitical divide in the US is not just impacting the country’s political landscape but its economy as well. These factors are hampering its ability to reform and undermining its leading global position.

This is worrying news to start the New Year with, given how important these two export markets are for small and medium-sized enterprises (SMEs) and large corporations in Switzerland. And the situation is being exacerbated by persistently high – albeit falling – inflation in almost all export markets, coupled with a strong Swiss franc.

What is the main priority for Deloitte Switzerland in the coming months?

Sustainability will again be one of our top priorities this year, both internally and in our consulting activities for clients. This is because, from 1 January onwards, the provisions of the Swiss Ordinance on Climate Disclosures will apply to all public companies that meet certain size criteria.

In line with the recommendations by the Task Force on Climate-Related Financial Disclosures, the ordinance requires businesses to publish detailed reports of their climate-related information on governance, strategy, risk management and key performance indicators (KPIs).

Some Swiss companies will even have to align themselves with the EU’s Corporate Sustainability Reporting Directive, which is much broader still and encompasses disclosures on biodiversity, pollution, the circular economy, water and marine resources, own workforce, affected companies and corporate conduct.

Many businesses will have to spend a great deal of time, money and effort implementing these requirements in compliance with the law.

Deeply impressed
 

Which recent development have you been most impressed or preoccupied with?

The Federal Council elections on 13 December. In what was a socially and geopolitically charged atmosphere, the Swiss Parliament sent out a clear signal. It showed that, despite being unspectacular (boring even, some might say), Switzerland’s political system is as reliable as a Swiss watch. A short primary election campaign, mainly in small groups, a few rounds of voting to fill the seven seats on the Federal Council, and then no time for the newly elected representatives to think it over and no long-winded hunting for coalition partners like you see in other countries. And the country’s four largest political parties are still in government, which helps maintain stability in Switzerland and thus legal certainty and investor confidence as well.

Either/or
 

And briefly: Fondue or raclette?

Definitely raclette. It means the cosy get-togethers and lively chats can go on for even longer!

Autumn views 2023
 

Business and the economy
 

What current challenges in the Swiss economy will be felt most over the coming three months?

According to the latest data, the economic outlook has deteriorated slightly, especially looking ahead to 2024, for which the Swiss government is currently forecasting growth of 1.2 per cent.

This will make the work to be done by the newly elected Parliament all the more important. I truly hope that politicians will be elected who are committed to genuine sustainable development rather than being satisfied with merely managing problems. In other words, committed to healthy finances, a strong economy, social stability and an intact environment.

What is the main priority for Deloitte Switzerland in the coming months?

Everyone – including us and our clients – is talking about artificial intelligence, especially generative AI ('GenAI’). I’m anticipating major efficiency gains and leaps in innovation, thanks in particular to the ability to offload repetitive and administrative tasks.

However, we also need to take the potential downsides of this rapid development seriously, which means getting a handle on new risks as they emerge and addressing people’s concerns. Deloitte’s recent ‘AI in the Workplace’ study revealed that nearly half of the workers surveyed are worried about losing their jobs. We need to alleviate people’s fears, highlight opportunities and build trust.

Deeply impressed
 

Which recent development have you been most impressed or preoccupied with?

Narges Mohammadi from Iran being awarded the Nobel Peace Prize. This amazing woman has been fighting for human rights in her country for decades now, suffering huge personal losses in the process. I admire the courage she has shown, particularly in campaigning for the abolition of the death penalty and for upholding the rights of women and girls.

Either/or
 

And briefly: Halloween or Santa?

I like both, really. But because my three children are now too old for Father Christmas, Halloween – with lots of pumpkin pie – is a bit more 'on trend'.

Summer views 2023
 

Business and the economy
 

What current challenges in the Swiss economy will be felt most over the coming three months?

The economic data suggests that Switzerland will see average growth this year. Major drivers of the economy are the strong domestic consumption and the flourishing labour market.

However, the clustered risks related to inflation, labour shortages, weak economic performance in key sales markets, insecure energy supply and pending reform projects continue to weigh on our prosperity.

At the same time, our society must increasingly learn how to deal with artificial intelligence, in the sense of recognising the risks but – above all – taking advantage of the opportunities it provides.

What is the main priority for Deloitte Switzerland in the coming months?

We started our new financial year with plenty of momentum. This included the promotion of ten experienced employees to partner, and many other highly qualified employees to more senior positions.

We place strong emphasis on the targeted development of younger employees. In addition to the attractive working environment and many training opportunities that we offer, our Next Generation Advisory Board, which is made up of around a dozen highly motivated younger employees, is also extremely important.

Over the coming months, we will all be very busy helping our clients to solve the challenges they face, many of which are very complex. This includes handling the risks I mentioned at the start. However, these risks also offer considerable opportunities.

Deeply impressed
 

Which recent development have you been most impressed or preoccupied with?

The people in Ukraine again: their courage, determination and resilience are incredible. I am deeply impressed by the way they have been dealing with the hardships and fears and the loss of human lives and material possessions for what is now more than a year.

Either/or
 

And briefly: Coast or mountains – what do you prefer in the summer holidays?

I like both a lot. But this year will take me to neither: I will be spending my summer holiday in the desert.

Spring views 2023
 

Business and the economy
 

What current challenges in the Swiss economy will be felt most over the coming three months?

Most companies are confronted by a whole gamut of highly unpredictable developments: geopolitics and the closely related issues of energy policy, inflation and interest rates, economic slowdown, pending trade agreements – particularly with the EU and the UK – labour shortages and reform gridlock, especially with regard to retirement provision and healthcare. Making investment decisions in such circumstances needs a lot of foresight and entrepreneurial courage! In addition to all this, there are challenges and uncertainties in the finance and banking sector, not to mention the operationalisation of the takeover of Credit Suisse by UBS that has to be tackled in Switzerland. Against this backdrop, the rather cautious investment climate will undoubtedly have a dampening effect on our growth prospects.

What is the main priority for Deloitte Switzerland in the coming months?

First and foremost, to give our clients our full support in these volatile times in all relevant areas. The topics of sustainability, growth and digitalisation continue to figure high on their agendas. With regard to sustainability, we are making a corresponding contribution through our in-house, global WorldClimate strategy, under which we are aiming to halve our emissions from business travel by 2030, as well as encouraging our employees on a daily basis to make all of their activities more sustainable. This includes the work with clients as well as internal activities and events. To this end, we have set up a simple, practical process for all employees, which encompasses the various stakeholders. As the world’s largest audit and consulting company, with more than 400,000 employees globally and 2,600 in Switzerland, we have a responsibility to set a good example in the sector.

Deeply impressed
 

Which recent development have you been most impressed or preoccupied with?

The intense but, in my opinion, relatively aimless debate about Swiss neutrality. Although I have every respect for the history and traditions of our country, Russia’s war of aggression against Ukraine threatens almost everything we stand for in Western Europe – democracy, the rule of law and social principles, as well as economic and individual freedom.

It could almost be called cynical, the way we are insisting on the most restrictive interpretation possible of the right to neutrality – and this at a time when Europe is finally joining forces under the leadership of the USA to put an end to the immeasurable suffering of the Ukrainian people and to ensure respect for the rules of international human rights law.

Either/or
 

And briefly: Hunting for Easter eggs or enjoying the Sechseläuten festivities?

Definitely hiding and hunting for Easter eggs – together with my family.

Winter reflections 2022

Business and the economy
 

What do you think are the main challenges facing the Swiss economy right now?

The biggest challenges for our national economy are high inflation in the main procurement and sales markets, the resurgent Swiss franc and the looming economic downturn. If important trading partners were to slide into recession, it would pose a major challenge for our economy, which relies heavily on exports. At the same time, the shortage of skilled labour is slowing economic growth and thus standing in the way of greater prosperity. We must not underestimate the economic and societal risks associated with these challenges.

What is the main priority for Deloitte Switzerland in the coming three months?

We want to build on our positive experiences of hybrid working within the company. On the one hand, we want to continue enjoying the many benefits that working remotely brings us – such as greater flexibility and the fact that employees are often more focused at home and don’t lose time commuting. However, we are mindful how important it is to be physically present in the office or on client premises, especially for team spirit, creativity, workplace culture and maintaining relationships. Going forward, our employees will enjoy even more freedom to choose where they work. At the same time, they know how important personal interaction is in the people business, whether for customer satisfaction or for their own careers.

Deeply impressed
 

What have you been particularly impressed by in recent months?

The forces that were set in motion by Russia’s attack on Ukraine. Almost all European countries quickly united to defend the values of our Western civilization. It was impressive to see how quickly the different nations cut existing dependencies and found alternative suppliers for oil and gas. Even renewable energy projects are making much bigger strides now. I have been particularly impressed by people’s great willingness to help and the initiative they have shown. And at the same time, it was also impressive to see the US show leadership again.

The revitalisation of Europe is reducing its dependency on countries with authoritarian governments and strengthening the resilience of the free world. I hope we will show the same commitment to proactively tackling other geopolitical and existential challenges in future.

Either/or
 

Which do you prefer – Christmas or New Year’s Eve?

Christmas, because I get to relax and spend quality time with loved ones during the festive period. But I must admit, I also like New Year’s Eve and the feeling of starting the new year full of optimism.