Published on Friday, November 17, 2023 | Updated on Friday, November 17, 2023

Spain | Consumption Outlook. November 2023

The recovery in private consumption is losing momentum, dropping from an annual 5.9% in the 2021-2022 biennium to 2.0% in 2023-2024. The increase in financing costs counteracts the modest rise in income, net financial wealth, and household expectations.

Key points

  • Key points:
  • In a context of expanding vehicle offerings, car sales are projected to grow at double-digit rates in 2023 (950,000) and 2024 (1,100,000), but will remain below pre-pandemic levels.
  • 3.2% of Spanish households own an electrified vehicle. Factor such as high income levels, environmental awareness, the availability of another vehicle in the household and a space for recharging the battery are key determinants.
  • The convergence of interests among consumers, businesses, and public authorities is expected to further boost the market share of electrified cars, potentially reaching 26% of registrations in 4Q24.
  • Despite their high prices and the lack of economic incentives for lower incomes, the intentions to purchase electrified vehicles are on the rise along with the expanding availability of models. The implementation of Low Emission Zones (ZBE) and the streamlining of recharge point installation procedures will contribute to accelerating the electrification of transportation.

Documents to download


New comment

Be the first to add a comment.

Load more

You may also be interested in