The consumer confidence index (CCI) is very relevant for economic analysis due to its timely publication and forecasting capacities.Although there is extensive literature on the link between CCI and macroeconomic aggregates, in particular with households' consumption, few papers have studied the fundamental factors that explain the CCI behaviour.Actually, no attempt has been made for the Colombian case.In this paper we aim to fill this gap.We estimate a Structural Factor-Augmented VAR (SFAVAR) model and perform a historical decomposition (HD) on the CCI series to obtain the underlying structural innovations that drove the CCI dynamics over the past few years.Our findings suggest that the CCI responded to changes in the underlying determinants and to non-fundamental shocks possibly related to uncertainty periods and noneconomic, socio-political or electoral events.Moreover, a counterfactual analysis shows that households' consumption forecasts improve when using the CCI series that are not affected by these non-fundamental shocks.