Fashion market in Belize

The Belizean Fashion eCommerce market is predicted to reach US$24.3 million by 2023 and accounts for 20.8% of the total eCommerce market in Belize. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be 5.6%, resulting in a projected market volume of US$30.2 million by 2027. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Market development

eCommerce revenue development in the Watches market in Belize

The Belizean Watches eCommerce market is predicted to reach US$1.0 million by 2023 and accounts for 43.5% of the Jewelry & Watches eCommerce market in Belize. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2023-2027) will be 11.1%, resulting in a projected market volume of US$1.5 million by 2027. The Watches eCommerce market is a sub-market of the Jewelry & Watches market. Further categories within the Jewelry & Watches market are: Jewelry, and Other Jewelry & Watches.

eCommerce revenue development in the Watches market in Belize

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Watches market in Belize

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

2020 2021 2022 2023 2024 2025 2026 2027
Revenue (in mUS$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 30.8 73.8 31.7 8.8 3.9 2.2 68.5 33.3
AOV (in US$) 48.6 37.1 33.8 38.2 26.2 62.0 4.5 0.1
CVR (in %) 30.8 73.8 31.7 8.8 3.9 2.2 68.5 33.3
AOV: Average Order Value CVR: Conversion Rate

Online share

eCommerce online share of the total Watches market in Belize

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Belizean Watches retail market, the online share is 36.0% and will increase by an average of 13.6% to 60.1% by 2027.

eCommerce online share of the total Watches market in Belize

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

2020 2021 2022 2023 2024 2025 2026 2027
Online share (in %) 41.1% 32.8% 65.1% 62.5% 54.9% 53.3% 35.6% 35.8%

Market definition

Definition of the Watches market within the Fashion market

Market definition: Fashion > Bags & Accessories > Jewelry & Watches > Watches The category Watches includes the online trade of watches (e.g. analog watches, digital watches, quartz watches, pocket watches) and watch straps and bands. This category does not cover smartwatches, fitness trackers or jewelry. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Watches (e.g. analog watches, digital watches, quartz watches, pocket watches)
  • Watch straps and bands

Out-of-scope

  • Smartwatches
  • Fitness trackers
  • Jewelry

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