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Spanish households: incomes increase while spending decreases

Despite lingering uncertainty about the economy in Spain among the population, the GfK Euro Consumer Climate for March reflects a 4-point improvement in the economic outlook indicator (-14), the most significant since July of last year.


Household expectations regarding their incomes in our country are on the rise again in March, this time by 6 points, bringing them closer to positive values (-3), the best data since June 2023.

As for consumption, doubts persist among the population for another month, with an indicator registering only a slight increase, showing no real signs of revival (-19).

The inclination towards saving also shows no signs of change: citizens in Spain remain very pessimistic (-32 points).

Finally, March does bring some hope among those surveyed in our country regarding a decrease in prices in the coming months. Although the population in Spain still harbours significant doubts regarding the country's economic evolution and family incomes, the March GfK Euro Consumer Climate does reflect a positive trend by recording the best values in the last six months. Regarding spending readiness, consumers in our country remain cautious, and no short-term revival is expected, nor is there an improvement in the population's savings capacity.

According to Antonieta Martín, the study's lead in Spain, 'Although all indicators remain in negative territory, March shows a significant difference in how the population perceives the country's progress compared to their household situations. While expectations regarding the economy and inflation—both macroeconomic—are perceived with growing optimism, the outlook for family finances is bittersweet: although incomes seem to be improving, the intention to spend or even save remains stubbornly restrained, as it has throughout 2024.'

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