Market Research in Liechtenstein
Liechtenstein is a small country in the Rhine river valley. It is situated between Austria and Switzerland.
It is also one of the smallest countries in Europe.
Key Industries
The key industry of Liechtenstein is manufacturing. The country also provides services in the banking and finance arena.
The manufacturing sector employs almost half the workforce. Most of the workers are not citizens. They commute to the country daily. This sector focuses mainly on exports.
Finance is the most developed sector in Liechtenstein. Because this sector is so lucrative, Liechtenstein has a higher standard of living than larger European countries. To date, a little more than one-eighth of the workforce works in this sector.
Agriculture also plays a minor role. This sector used to be much more prominent in the past.
Neighborhoods
Vaduz is the capital of the country. Notable buildings include the nation’s parliament, Vaduz Castle, City Hall, and Cathedral of St. Florin. Tourism for this city is not lacking. Many people flock to see the National Museum and Art Gallery.
Schaan has more residents than Vaduz. It has many old buildings, such as the tower of St. Laurentius Parish Church. In addition, Schaan is a central hub for many large global companies. For example, Hilti Corporation and Ivoclar Vivadent AG both have offices in Schaan.
Triesen is the third-largest city. It is an old town with many cultures. Many visitors also like the city because of the contrasts between modern and old structures.
Trends
For this small country, a surprising trend is the opening of casinos. They are a sign of the country’s foray into tourism. In fact, plans are in place to allow even more of these gambling hubs. But, not everyone is in favor of casinos. Some believe that the country already has too many gambling houses. Many also think that it gives Liechtenstein a poor image. But, some like and encourage the idea.
Benefits and Strengths of the market
The European Economic Area (EEA) bridges the European Free Trade Agreement and the EU. Liechtenstein is part of that agreement. The country has also joined the Schengen Zone. In addition, it has direct access to the European Single Market and the Swiss Market.
The Liechtenstein market and economy both have a triple AAA credit rating. Liechtenstein has few trade barriers. Thus, it ranks highly on the ease of doing business listing. It still gets many foreign direct investments, although these have declined. These FDIs encourage investors to be more serious about the market. More companies add to the strength and power of the market.
Consumer Base
The workers in Liechtenstein receive some of the highest wages in Europe. The growing economy is one of the reasons for this. Still, the cost of living is high. Many people spend half their monthly income on living expenses alone. Housing, transport, and health insurance are all costly. Still, the country has a zero percent poverty rate. The unemployment rate is also low.
Reasons to Grow Your Business in the Market
Liechtenstein borders Austria to the East and Switzerland to the South and West. Thus, it is an excellent trading hub in Europe. It is also a member of the European Economic Area (EEA). The EEA also contains the European Union (EU), making this small country a part of the large global market of the EU.
Liechtenstein is also a top country to set up insurance companies. Investment funds are also a good venture.
Another reason to invest is, Liechtenstein has economic order and political stability.
About Market Research in Liechtenstein
Liechtenstein is a growing country. Market Research is an essential tool for investing there, as it looks at the state of the economy. Businesses need to carry out Qualitative, Quantitative, and Strategy Research before setting up in Liechtenstein. Market Research can also involve Focus Groups, Interviews, and Surveys.