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Consumer Expectations Survey

The Consumer Expectations Survey (CES) collects high-frequency information on the economic and financial behaviour of households in the euro area, such as their income and consumption, as well as consumers’ preferences towards saving and borrowing.

The main focus lies on consumers’ expectations about:

  • Inflation
  • Consumption and income
  • Housing market activity and house prices
  • Labour market conditions
  • Consumer finance, savings and investment
  • The general economic outlook

The survey began in January 2020 and is currently in a pilot phase.

About the survey

The CES is a monthly online survey designed to collect timely information from approximately 10,000 households in the euro area. It fills an important gap in the data for timely policy analysis and complements other data sources used by the ECB.

The survey supports the pursuit of our price stability mandate by, for example, improving the analytical basis of macroeconomic projections and providing a better understanding of challenges to financial stability.

As with other surveys, fieldwork is conducted together with an external research company. The ECB appointed Ipsos Public Affairs to provide advice and manage the “What You Expect” survey panel. Respondents’ personal data is not shared with the ECB.

The pilot phase

The pilot phase is expected to last for at least one year. This allows for a thorough evaluation of the quality and usefulness of the survey responses.

Participants are located in six euro area countries:

  • Belgium
  • France
  • Germany
  • Italy
  • The Netherlands
  • Spain

Further countries may be added to increase the coverage of the survey if the pilot proves successful.

For more information, please contact

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