According to data from ConsumerSignals, a Deloitte Global database that gathers information on consumer spending patterns in various countries, this increase reflects "a recovery in confidence and economic stability compared to the previous year."

The report also highlights an increase in the proportion of Portuguese people who said they can spend on things that bring them joy: 39%, two percentage points more than in 2023.

Similarly, last year, the number of Portuguese people who rated their financial situation as worse than the previous year decreased, from 46% to 37%. Concern about inflation also decreased and the willingness to consume increased, "signalling a growth in financial confidence."

Throughout 2024, the Deloitte report also indicates an improvement in the Portuguese people's perception of their financial situation. "Compared to the previous year, national consumers felt more financially stable, with a well-being index above the global average," it says, detailing that approximately 37% said they expect an improvement in their financial situation next year, three percentage points more than in December 2023.

Concerns

Despite these "positive signs," the consultancy says that "concerns about the future and financial security remained high," with younger consumers (18-34 years old) being the most optimistic: 52% believed their financial situation would improve, compared to 46% at the end of 2023.

Furthermore, Portugal remained "among the European countries most apprehensive about rising prices, with more than half of consumers remaining focused on managing this impact."

Even so, Portuguese spending intentions increased throughout last year, particularly in non-essential categories, with a 24 percentage point increase compared to December 2023.

Deloitte notes that this increase was "particularly significant" among consumers aged 18 to 34, who saw a 37% increase in spending intentions and a 39% increase in saving intentions.

The sectors where the Portuguese spent the most were diverse, with spending intentions in categories such as "leisure, entertainment, and recreational travel" (+1%), "restaurants/takeout" (+1%), and "electronics and furniture" (+1%) growing slightly compared to the previous year, while the categories "housing" (-4%) and "supermarkets" (-3%) lost relative weight in household spending.

In the automotive sector, the report states that vehicle purchase intentions declined slightly in all geographies analysed, but the decline was "more pronounced" in Portugal: 15% of Portuguese people planned to buy a car in the next six months, a two percentage point drop compared to the previous year, compared to 18% in Europe.

The ConsumerSignals platform collects data monthly through surveys of thousands of consumers in 20 countries. In Portugal, 1,000 consumers are interviewed monthly on topics such as financial well-being, consumption patterns, savings, and spending intentions in areas such as food, transportation or health