Consumer Expectations Survey in depth
The Consumer Expectations Survey (CES) covers multiple topics and thanks to its modular structure collects both high frequency and in-depth information on the expectations and perceptions of euro area consumers. Since 2022, the CES has posed additional sets of questions across four broad topics once per year to further strengthen research and economic analysis.
Four annual ten-minute survey modules complement higher-frequency CES data which are collected monthly and quarterly. These four topical modules cover issues that are highly relevant for monetary policy and financial stability analysis: consumers' housing situation, consumers’ current and past labour market experiences, specific issues of interest to central banks and detailed accounts of consumer and household finances.
Through these topical modules, the CES provides reliable background information on consumers. It can help support understanding of the higher-frequency CES data on household income and consumption, consumer labour market activities and their macroeconomic expectations. The information from topical modules is considered experimental data and the modules are mainly designed to support analysis and research.
Data from the CES annual modules on housing and consumer finances were published for the first time in November 2024. Publication of data from the modules on labour markets and central banking topics is planned for 2025.
Housing module
Every February the CES collects information on consumers' housing situation and living conditions. This complements other CES background data on housing status and high-frequency information on expectations for house price developments. The housing module covers characteristics of consumers’ main dwelling and gathers information specific to both homeowners and tenants. For homeowners, the CES elicits their expected selling prices, whether they intend to sell their home and information on their mortgages. For tenants, the CES collects information about their current rent and rent expectations for the next 12 months among other concepts.
Labour market module
Every May consumers are asked to report in detail on their labour market history, experiences and expectations.
The CES team is preparing to publish this dataset. More information will be available in 2025.
Central banking module
Every August the CES asks about topics specific to central banking. It asks consumers to detail what they know about central banks and their objectives, as well as inflation.
The CES team is also preparing to publish this dataset. More information will be available in 2025.
Consumer finance module
Every November the CES asks consumers about their financial assets and any liabilities other than mortgages. Complementing CES information on household income, this module gives a comprehensive overview of consumers’ economic status. Understanding consumers' financial standing helps link economic expectations with consumer behaviour, partly by providing insights into wealth effects and consumers’ sensitivity to interest rate changes.
Topical modules overview
|
Annual modules |
Main topics |
Field month |
Data release quarter |
|
Housing module |
Housing situation Details on the property currently inhabited Rent (including information on indexation) Mortgage details (interest rate and payments) Housing investments (past and future renovations) Selling intentions |
February |
Q1 |
|
Labour market module |
Details on labour market status Individual labour market history Details on occupation (including sector, management role) Work environment (e.g. remote work) Retirement plans |
May |
First release in 2025 |
|
Central banking module |
Public interest in monetary policy Public knowledge of the ECB’s objectives Topical questions on inflation (e.g. perceived drivers) Attention to economic developments Perceptions about the euro as a currency Digitalisation and payment methods Trust in the financial system Environmental preferences |
August |
First release in 2025 |
|
Consumer finance module |
Financial assets (ownership and amounts) Financial liabilities (ownership and amounts) Investment behaviour and plans Investment attitudes |
November |
Q4 |
The microdata guide provides a comprehensive list of all CES variables, including the topical modules.
See CES data and methodological information for more microdata.
Disclaimer for the use of CES microdata
By downloading the data, you agree to the following terms:
1. You will not use the data for any purpose other than for scientific purposes or in support of measures or decisions concerning any particular establishment, enterprise, economic entity or other undertaking.
2. You will not disclose or otherwise employ the data for commercial purposes.
3. You acknowledge that the data is based on self-reported responses collected from survey participants. While every effort has been made by the ECB to ensure the accuracy and reliability of the data, users should be aware that all survey data is subject to possible measurement error.
4. You acknowledge that the ECB disclaims any responsibility or legal liability for results derived from and/or interpretation based on the data.
5. You will refrain from any attempt to de-anonymise the data, and you will not combine the data with data from other databases containing information on individuals with that aim in mind.
6. You will mention the source of the data in any publication including, in particular, tables and charts compiled on the basis of the data. The data source must be cited as “ECB Consumer Expectations Survey”. In addition, the following acknowledgement statement must be included: “This paper uses data from the ECB Consumer Expectations Survey.
7. You will send a copy of any research based on CES data to the ECB by email: ecb-ces@ecb.europa.eu.