Economic agents are plagued by doubts about the future evolution of consumption in Spain. In fact, for some quarters now many have been anticipating a collapse that has not materialised so far. In the wake of the uncertainty about consumption, a critical variable for the economy, we are publishing a report in which we explain in detail our outlook for the short, medium and long term. Our aim is to help companies and investors make informed decisions. The report covers the main risks related to consumption and the factors that may mitigate them and provides our estimates for the future.