Fashion market in Mongolia

The Mongolian Fashion eCommerce market is predicted to reach US$45.9 million by 2024 and accounts for 18.8% of the total eCommerce market in Mongolia. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 23.0%, resulting in a projected market volume of US$105.0 million by 2028. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Market development

eCommerce revenue development in the Jewelry & Watches market in Mongolia

The Mongolian Jewelry & Watches eCommerce market is predicted to reach US$3.4 million by 2024 and accounts for 39.0% of the Bags & Accessories eCommerce market in Mongolia. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 22.9%, resulting in a projected market volume of US$7.8 million by 2028. The Jewelry & Watches eCommerce market is a sub-market of the Bags & Accessories market. Further categories within the Bags & Accessories market are: Fashion Accessories, and Luggage & Bags.

eCommerce revenue development in the Jewelry & Watches market in Mongolia

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 Jewelry & Watches market in Mongolia

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

201720182019202020212022202320242025202620272028
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)50.779.784.254.90.239.258.285.6
as of Bags & Accessories (in %)36.336.032.632.131.128.827.425.824.523.221.820.6

Online share

eCommerce online share of the total Jewelry & Watches market in Mongolia

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 Mongolian Jewelry & Watches retail market, the online share is 47.3% and will increase by an average of 2.8% to 53.0% by 2028.

eCommerce online share of the total Jewelry & Watches market in Mongolia

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)22.4%66.1%16.6%14.7%92.2%51.9%31.1%13.9%

Market definition

Definition of the Jewelry & Watches market within the Fashion market

Market definition: Fashion > Bags & Accessories > Jewelry & Watches The category Jewelry & Watches includes the online trade of jewelry (e.g earrings, necklaces, bracelaces) and watches (e.g. analog watches, digital watches, pocket watches). This category does not cover precious metals and silverware. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Jewelry (e.g earrings, necklaces, bracelaces)
  • Watches (e.g. analog watches, digital watches, pocket watches)

Out-of-scope

  • Precious metals
  • Silverware

Market comparison

The Mongolian Jewelry & Watches market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis

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