Market Research in Cambodia
Cambodia is a kingdom located in Southeast Asia.
Thailand lies to the northwest of it while Vietnam is to its east.
Key Industries
This nation is rural in nature. As a result, agriculture is a primary industry. For decades, it has played a part in the life of this country.
Rice, which is grown in regions such as the Mekong and Tonle Sap, is one of the main crops produced in the country. The planting of rice takes place in July or August. Harvest time is from November to January. Cambodia grows some of the best rice in the world. Two of the main types are fragrant jasmine rice and white rice.
The nation also grows many local fruits and veggies such as corn, cassava, soybeans, and oranges. Fishing is also standard practice.
Tourism is another key sector. Millions of tourists travel to the nation each year. Most come from China. They come to view many sites which show the history, religion, and culture of the country. Phnom Penh is one of the most popular places to visit. It is home to sights such as the National Museum of Cambodia. It also houses Wat Ounalom (National Buddhist headquarters). People often visit Angkor Wat, a vast temple complex.
Textiles is another vital sector, and many exports come from the garment industry. Many people work in this sector. It thrives due to the country’s rich natural resources and cheap labor force. Also, Cambodia produces low-priced yet well-made garments. This sector also employs many women. Textiles have a positive impact on society, enabling women to gain financial freedom.
Neighborhoods
The capital and the largest city is Phnom Penh. It serves as the center for the economy, industry, and culture in the country. The garment trade, real estate, and tourism drive this city. There is a rapid rise in the population here. As a result, resources will undergo strain in the future. Still, this city is home to many reminders of the country’s troubled past. They serve as old landmarks now.
The dusty, fun, and lively city of Siem Reap is another popular spot. It is home to the world-famous temples of Angkor. Many tourists tend to let their hair down and enjoy food and drinks in this city. Dancing at nightclubs is also popular here. Many massage parlors are available. These serve as a place for tourists to unwind during their trip.
Trends
The population within the nation has shown rapid growth for decades. Most of the people are under the age of 30. Yet, the age spread is becoming more even.
Many factors affect the agricultural sector. These include bad weather and outdated farming techniques. Most residents still rely on the rural lifestyle as a primary source of income. Per capita income within the nation is on the rise. Despite this, it is still among the lowest in the world.
The country aims to end poverty and boost prosperity. Thus, it is making efforts to invest in human capital. These efforts include addressing rural poverty and building basic infrastructure.
Benefits and Strengths in the Market
Cambodia is one of the fastest-growing economies in the world. It has seen constant growth for decades.
Cambodia is also a member of the ASEAN Free Trade Agreement. ASEAN is a central free trade zone, which gives it the benefit of preferential trade. Also, it is a member of the World Trade Organization and exchanges dialogue with the EU.
Consumer Base
The country has a vibrant, young population, which includes many tech-savvy, business-minded people. Most consumers are millennials. Business owners should keep this in mind when selling products and services.
The young people of this nation are regular users of social media. Hence it makes sense to use modern marketing techniques.
Consumers are wary of “Western” products. They prefer products that embody Khmer values and culture. Also, these products should keep them linked to the outside world.
Reasons to Grow Your Business in the Cambodian Market
The Cambodian government has a solid pro-business stance, and the country took measures to attract investors to the region. These measures include tax cuts, lower shipping costs, and fewer national holidays.
Another benefit is the many young people. This factor, along with the low minimum wage, allows companies to recruit workers cheaply.
Besides, the nation is investing in better infrastructure. It also has a strategic location and good relations with neighboring countries. These factors make it ideal for trade.
About Market Research in Cambodia
Quantitative, Qualitative, and Strategy Research is crucial. Businesses need to carry out these checks before entering the market. Research helps determine the best market entry strategy. We use surveys, interviews, and focus groups to help companies understand the Cambodian market. Contact us today!