Spain | Consumption Outlook. November 2025

Summary

Private consumption is set to grow by 3.3% in 2025, two-tenths higher than in 2024, and by 2.5% in 2026, driven by expected increases in household disposable income and wealth. Durable goods and services will continue to lead the expansion in spending.

Key points

• Key points:
• Cars remain the main driver of durable goods spending. Between January and October 2025, 951,516 passenger cars were registered, 14.9% more than in the same period of 2024. Based on current demand trends, car sales are expected to reach around 1.15 million units this year and could exceed 1.2 million in 2026.
• Private purchases have not yet returned to pre-pandemic levels, as the probability of buying a car has fallen, particularly among the households most inclined to do so.
• Even so, the profile of the typical car buyer has changed little: affluent households, homeowners with family responsibilities, whose main earner is a young, foreign-born man, married, employed, and holding secondary education, living in a town with fewer than 20,000 inhabitants and a medium or low population density.
• The uptake of electrified vehicles accelerated in 2025, though it still lags behind the European average.
• If current conditions persist, the market share of battery electric vehicles (BEVs) in Spain would reach around 37% (±5) of total registrations by 2035, three points higher than projected a year ago, yet still well below the Fit for 55 target. To achieve that goal, Spain would need to triple the current pace of BEV adoption over the next decade.

Geographies

Topics

Tags