CONSUMER CONFIDENCE INDEX: 2021 QUARTER 3

Mongolian consumers' confidence in the economy decreased in the third quarter of 2021. The Consumer Confidence Index (CCI) stands at 81, which is 7 points lower than the third quarter of 2020 and is at the previous quarter's level. Let's compare the results of the third quarter with the last quarter.

 The Current Situation Index, computed from the consumers' assessment of current business and labor market conditions, largely increased from 61 to 76. The Expectation Index that shows consumers' short-term outlook for business, income, and labor market conditions slightly decreased from 83 to 81.

In the third quarter, consumer assessment of the current economic situation has improved, but the outlook for the economy for six months became more pessimistic than the second quarter. The recent fast spread of COVID-19 in Mongolia has dampened consumers' expectations.

Note: Consumer Confidence Indices are seasonally adjusted and adjusted to indices of 2018 (Индекс 2018=100).

Current economic situation

Consumers' appraisal of the business condition has improved. 5.5 percent of consumers said business conditions are "good," up by 2.8 percentage points. 57.8 percent of consumers said business conditions were "bad," down by 8.3 percentage points. Consumers' assessment of the labor market has improved. 24.8 percent said jobs are "plentiful," which is 1.7 percentage points higher than the previous quarter. 35.8 percent of consumers said jobs are "hard to get," which is 9.4 percentage points lower than the previous quarter.

Expectations for the future in six months

Consumers' expectations in the near future are mixed. 14.2 percent of consumers believe that business conditions will be "good" in the near future, which is 4.4 points less than the previous quarter, and 22.4 percent think that business conditions will be "bad" in the near future, 8.6 points less than the previous quarter. 13.5 percent of consumers believe that job availability will improve, down by 0.9 percentage points, while 16.2 percent believe that it will worsen, which is down by 12.9 percentage points. 15.2 percent of consumers think that revenue will increase, which is down by 5.3 points, and 13.9 percent think that revenue will decrease, down by 3.5 points.