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Consumer Expectations Survey

The Consumer Expectations Survey (CES) collects high-frequency information on the perceptions and expectations of euro area consumers about the economy, as well as their economic and financial behaviour. 

The survey helps us pursue our price stability mandate by improving the analytical basis for the ECB’s economic and monetary analysis. This in turn improves our understanding of financial vulnerabilities in the household sector and challenges to financial stability.

For more information about the CES, please contact us at ECB-CES@ecb.europa.eu.

Latest results - June 2022

Inflation

Consumers’ inflation expectations for the year ahead increased further.

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Housing & credit

Consumers expect the price growth of their own home to moderate, over the next 12 months. 

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Income & consumption

Consumers expect a moderate increase in their net income, over the next 12 months.

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Labour & growth

Consumers expect the unemployment rate to rise, over the next 12 months. 

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For the media

We will publish a press release every month, summarising consumers’ expectations about inflation, the housing market, access to credit, income, consumption, the labour market and economic growth.

Read the press release

Consumer Expectations Survey insights

Check out the publications featuring insights from the Consumer Expectations Survey.

Latest publications

Data and methodological information

Find out more about the survey methodology and access the data.

See more

About the survey

Survey development

The Consumer Expectations Survey was first piloted in January 2020. The pilot phase enabled a thorough evaluation of the quality and usefulness of the survey responses. The survey entered a new development phase in July 2021, aimed at further enhancing its overall coverage and quality.

The survey is conducted online each month. The results are used for policy analysis and complement other data sources used by the ECB.

The targeted sample size during the pilot phase was approximately 10,000 respondents. The number of respondents targeted will be increased steadily throughout the development phase, allowing better analysis of the behaviour of certain population subgroups and enhancing the overall quality of the data.

Country coverage

During the pilot phase, the survey covered participants in six euro area countries: Belgium, Germany, Spain, France, Italy and the Netherlands. In January 2022 five more euro area countries were added: Ireland, Greece, Austria, Portugal and Finland.

Fieldwork

Fieldwork is conducted together with an external research company. The ECB appointed Ipsos Public Affairs to provide advice and manage the “What You Expect” Consumer Expectations Survey panel. Respondents’ personal data are not shared with the ECB.

Main focus areas

The main areas of focus are: inflation; consumption and income; housing market activity and house prices; labour market conditions; consumer finance, savings and investment; borrowing and credit access conditions; central bank communication and the general economic outlook, monetary policy and other central bank-related topics.

Detailed information about the survey is available in the following two publications:

ECB (2021), “ECB Consumer Expectations Survey: An Overview and First Evaluation”, ECB Occasional Paper No. 287, December 2021.

Georgarakos, D. and G. Kenny (2022), “Household Spending and Fiscal Support During the COVID-19 Pandemic: Insights from a New Consumer Survey”, 129(2022), Journal of Monetary Economics, S1-S14.

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