Market Research in Oceania
The continent down under is popularly known for its rich maritime life, tropical corals, and diverse biota, including rare species of animals and plants. Oceania attracts millions of tourists yearly with its paradise appeal and summer destinations.
Composed of 14 countries, Australia is its biggest country, even sometimes being labeled as the continent itself. Most of the countries in Oceania are small islands scattered around the Pacific Ocean.
However, even if considered the smallest continent in the world in terms of land area, it continues to gross trillion dollars in GDP. Its largest export markets are the United States, Japan, and South Korea, to name a few.
Oceania’s countries are all surrounded by water, making them an investment haven primarily for tourist-related businesses and a good region to conduct Oceania Market research.
Its biggest industry is tourism, which is due to the high rate of labor and service in the continent. To meet the influx of tourists, many businesses hire migrant workers from neighboring countries, such as India, China, the Philippines, and Vietnam. The projected annual revenue for this industry alone can reach up to hundreds of billions of dollars.
Australia is one of the leading tourist destinations in the world and has attracted 300,000 businesses and investors, employing more than half a million of its citizens. This results in the tourist sector contributing at least 150 billion dollars to the Australian economy.
Oceania is also a top producer of specific minerals. New Zealand produces gold, silver, coal, iron ore, and limestone. On the other hand, Australia produces gold and iron ore, with other minerals like diamonds, uranium, nickel, and zinc.
New Zealand is also popular for its dairy products, being the home of a few of the largest milk manufacturers in the world. It is estimated that these milk farms raise $19 billion annually for the economy.
Other relevant industries are education, financial sectors, agriculture, fishing, and manufacturing.
Countries and Neighborhoods
Oceania is composed of 14 countries, namely Australia, Papua New Guinea, New Zealand, Fiji, Solomon Islands, Micronesia, Vanuatu, Samoa, Kiribati, Tonga, Marshall Islands, Palau, Tuvalu, and Nauru—all listed in chronological order starting with the country with the highest population.
Sydney, Australia is the most visited place in Australia, receiving almost three million visitors a year, followed by Melbourne and Brisbane. Broken Hill, Coober Pedy, Kalgoorlie, Mount Isa, and Mount Morgan also have a significant role in theAustralian economy being the country’s predominant mining towns.
Bay of Islands is New Zealand’s premier tourist destination, especially for boat and yacht enthusiasts. The forests and trails around the area also attract hikers and trekkers.
Traditional dairying regions are commonly found in the western and northern North Island and South Island’s Nelson and West Coast regions. The town with the highest number of cows belongs to Waikato. However, Southland and Canterbury experienced one of the fastest growth of herds in New Zealand.
Trends and Opportunities
Here are some trends and business opportunities expected with Oceania’s market research:
- Population growth: Australia’s continuous population growth is immigration. It assures that the demand for labor for the continuous growth and expansion of business is met. Note also that Oceania is composed mainly of developing nations with high fertility rates. Unlike Australia, these smaller countries have a natural increase. New Zealand partnered up with these nations and invites qualified Samoans to be residents.
- Non-Cessation of Tourism Industry: Oceania relies heavily on the tourism industry, consequently influencing other sectors of the market, such as lodging, food, recreational, transportation, manufacturing, and finance. Exotic destination, like Fiji, continues to attract high-baller guests, ensuring the flow of money in the country.
- Dairy Farms: New Zealand is the home of the largest milk processor in the world. Fonterra accounts for 90% of milk farms in New Zealand, ensuring its leading position in the market.
- Workplace Flexibility: The Australian government pushed for better workplace flexibility, allowing employees better control of their working hours. This was accelerated during the pandemic as many small business owners and corporations granted flexible working arrangements to their employees.
- Cyber Security: As many businesses perform flexible work schedules, it allows employees to work using their digital devices. Since sensitive data and information are included, businesses employ the expertise of cybersecurity professionals. The cyber security industry has since experienced growth from the surge of demand.
Strengths in the Oceania Market
Oceania has a strong investment appeal because of the following:
- Australia and New Zealand are some of the most developed countries in the world;
- Special migration agreement between Australia and New Zealand, which allows the citizens of each country to travel, live, and work freely in each country;
- New Zealand provides automatic citizenship to residents of the Cook Islands, Niue, and Tokelau. The following islands are not considered sovereign nations, therefore falling under the territory of New Zealand.
- New Zealand also provides special arrangements with other Pacific nations to allow 11,000 Samoans each year to become permanent residents if they meet the criteria. The country offers temporary work-related visas to people who failed to meet the requirements.
- Australia is the 12th largest economy, solidified by a $1.6 trillion GDP, which is equivalent to 1.7% of the world’s economy.
- Australia has a mixed economy, which helps diversify potential losses.
- Oceania has strong procurement and infrastructure projects and practices.
About Market Research in Oceania
It is a sound decision for businesses with a long-term goal of penetrating both the Asia and Pacific markets to establish in Oceania. Each country in the continent has varied business requirements and limitations. Australia has straightforward processes, which can make it easy. This goes the same with New Zealand.
For Papua New Guinea and other Pacific nations, their biggest hurdle in starting a business is limited resources. Businesses interested in taking a high-risk, high-reward set-up might be keen to tap into this market.
Foreigners are allowed to start their businesses in these countries; however, the requirement of incorporation might be required.
With the proper market research, businesses will be able to determine what factors to consider, from government compliance down to raw resources for their businesses.