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. Data from the modules on labour markets and central banking topics was published for the first time in April 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 the CES asks consumers to report in detail on their occupation and labour market related activities, experiences and expectations. This topical module complements some of the data on labour markets collected in the CES monthly and quarterly modules. For example, the module elicits information on consumers’ work conditions, job satisfaction, responsibilities and retirement plans.

Central banking module

Every August the CES asks consumers about topics currently of interest for central banking. For example, this module collects information on consumers’ understanding of central banks and their objectives, as well as their awareness of inflation and the extent to which they follow changes in economic conditions and monetary policy. In addition, consumers can also be asked about their preferred payment methods, their use of digital tools and their knowledge about the euro as a currency. Other topics of interest are consumers’ perceptions and expectations regarding climate issues and the implications for financial stability and the economy.

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

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.