ECB Consumer Sentiment Survey Findings – January 2026

Recent Shifts in Consumer Expectations

In comparison to December 2025, the typical consumer now views inflation over the past year and anticipates inflation for the coming year as both having declined. However, their outlook for inflation three years from now remains steady, while their five-year forecast has edged down slightly. Meanwhile, expectations for wage growth over the next year have risen, but anticipated increases in household spending have not changed. Projections for overall economic growth and the unemployment rate over the next 12 months also remain stable. Additionally, expectations regarding home price growth in the next year have not shifted.