US Mongolia

Mongolia For US Visitors Mongolia appeals to a very particular kind of visitor - one who is willing to be adventurous, open-minded and wishes to experience one of most pristine and untouched nations on the planet.

Mongolia; the Luxury Frontier

Mongolia, hindered in the past by vastness and foreign rule has awakened to wealth on its doorstep. The previously nomadic society, Mongolia is putting down some rich roots with one of the world’s large gold deposits being mined, attracting American luxury retailers, including Louis Vuitton (LV). Mongolia is independent and mineral rich, a place you would consider spending your money on luxury. Mongolia, twice the size of Texas, is undergoing a dizzying transition, thanks to its 80 different minerals and immense reserves of gold, uranium, copper, and coal, as well as ongoing oil exploration.

Mongolia is a land of opportunity though the financial infrastructure doesn’t exist but you can be part of building it. Instead of sitting in New York turning a wheel, you can build the machine here. Every day, new buildings are sprouting and developments coming up. People are buying sports cars in a country that is still building its roads.

The Capital City Showcases the Country’s Topsy-Turvy Nature and Attracts Luxury Retailers Nothing showcases Mongolia’s topsy-turvy nature more than the country’s capital city’s main Sukhbaatar Square. It features a glossy LV store offering luxury–champagne in a rounded VIP chamber fitted with top-notch grand Mongolian lumber and vintage caviar case. Other luxury malls like LV include Zegna, Hugo Boss, Burberry, and Emporio Armani.

The capital boasts one of the most vibrant democracy in Central Asia. Luxury retailers have come to Mongolia; why? Oyu Tolgoi is being mined large amounts of copper and gold. It is estimated that it contains about 46 million ounces of gold and 40 million tons of copper. And Tavan Tolgoi is being mined large amounts of coal. This vast wealth has attracted luxury retailers to invest in Mongolia.

Growing Economy Has Attracted Foreign Luxury Stores Investments

Mongolia’s GDP is set to grow for at least 20 percent a year for the next decade, so the economy is predicted to double every three to give years, according to the IMF. This is one of the reasons why luxury retailers got a smell from Mongolia.

When LV invested in the country, it said the demand did not have to be endless. Even with a little more than a thousand people you would be happy as they didn’t judge their customer base by their average income. Rather, even a few thousand Mongolians could afford luxury. All the luxury stores needed at the time was a stable political environment and the necessary environment to put their stores where they are the place. Today, Mongolia has become the luxury frontier.

Mongolian Culture Promotes Luxury Spending

You observe in LV stores a clientele of women ages 30 to 40 with LV bags and men shopping for gifts. The retailer store interest in Mongolia came from China. In 20 years, China had become LV’s biggest client. Mongolia follows global trend and this has sparked growth of luxury spending there. People are looking at fashion in TV and on the internet.

It is traditional for Mongolians to display their wealth on themselves, so most of their spending goes to costume and jewelry. Socially, Mongolians like to show off and they do this best in luxury wear. Mongolia literacy rate is 98 percent, with over 151 universities where 70 percent of students are female. And since women love fashion, they are one of the largest groups that promote luxury spending in Mongolia.