Consumer Financial Situation

The Quarterly CCI studies households’ financial situations. In the third quarter of 2017, the financial situation of households has improved slightly compared to the same period of last year. 14.9 percent of consumers responded that their financial situation have improved last year, while 32.1 percent reported that their financial situation have deteriorated.

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Household spending

Demands for tourism and durable goods such as immovable assets, automobiles and major appliances are very elastic. According to the stylized facts of business cycle, consumer spending on these goods is pro-cyclical and more volatile than GDP.

Planned purchase in the next 6 months

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Housing Price and Stock Index

According to Mongolbank, as of May of 2017, the housing price index has decreased by 4.7% compared to the previous year. From December of 2014 for consecutive 29 months, the housing price index has been decreasing compared to the same period of the previous year.

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Consumer Financial Situation

In the first quarter of 2017, 8.0 percent of consumers responded their financial situation improved within a year, while 34.0 percent responded their financial situation deteriorated. Moreover, the proportion of respondents reported improvement has increased slightly, while proportion reported deterioration has decreased slightly compared to the same period of previous year.

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Loan Indicators

Recently the loan quality have worsened, in 2013 the principal in arrears was 1.56% of outstanding loans, 5.6% in 2015, 7.4% in 2016.

Figure 1: Principal in arrears 

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Loan Demand and Saving Preference

In the 1st quarter of 2017, 59.3 percent of households prefer savings in tugrug over the other type of savings and this percent was 42.1 percent in the same quarter of 2016.

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Still Hard to Find a Job

In April, number of employees in mining and quarrying and manufacturing sectors have decreased by 6.7%, 5.7% respectively compared to the same period last year. On the other hand employees in electricity, thermal energy and water supply has decreased by 0.8%.

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