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By examining the determinants of household consumption, we try to explain its broad evolution in five large industrialized countries (Germany, France, Spain, the United Kingdom, and the United States) between 1990 and 2015. We show that, since the financial crisis of 2008, classic estimation methods have failed to forecast household consumption. We therefore provide a panel estimation method that takes common shocks into account, provides valid equations, and allows us to measure wealth effects including during the post-crisis period. In accordance with theory, we did not observe any effects on real estate wealth. However, the effect of gross financial wealth is significant in all countries, except Germany. Classification JEL: C33, C53, E21.