The ECB released December 2025 consumer expectations survey results, covering inflation, income, economic growth, unemployment, housing, and credit access, with updates compared to November 2025.
The European Central Bank (ECB) published the December 2025 consumer expectations survey results. Key findings include a slight increase in perceived inflation over the past 12 months to 3.2%, and increases in inflation expectations for three and five years ahead to 2.6% and 2.4%, respectively.
Expectations for nominal income growth over the next 12 months decreased to 1.1%, while perceived spending growth over the past 12 months slightly decreased to 4.9%. Expectations for spending growth over the next 12 months remained stable at 3.4%, with variations across income groups.
Economic growth expectations for the next 12 months improved to -1.1%, from -1.3%. The expected unemployment rate in 12 months increased slightly to 11.0%, with lower-income households expecting higher unemployment rates (13.2%) than higher-income households (9.5%).
Consumers expect home prices to increase by 3.6% over the next year, up from 3.4%. Expectations for mortgage interest rates rose slightly to 4.7%. Lower-income households anticipate higher mortgage rates (5.5%) than higher-income households (4.1%).
The net percentage of households reporting tighter credit access over the past 12 months decreased, and expectations for tighter credit conditions over the next year remained unchanged since October. The full microdata are available on the ECB’s Consumer Expectations Survey webpage.
The next survey release is scheduled for 27 February 2026. For media inquiries, contact Benoit Deeg at +49 172 1683704.
