Market Research in Grenada
Grenada is an island nation at the southern end of the Caribbean chain. It consists of three inhabited islands: Grenada (the mainland), Carriacou, and Petit Martinique.
Several islets are also part of the state of Grenada. These include Calivigny Island, White Island, and Isle de Ronde. This 133-square-mile country is home to around 115,000 people. It lies north of Trinidad & Tobago.
Grenada has a small, open, tourism-based economy. Its main exports are nutmeg, mace, and cacao. In fact, it is the second-largest exporter of nutmeg in the world. It also exports cloves, cinnamon, bananas, and citrus.
Fish, such as yellowfin tuna, are another major export. Other exports are on a tiny scale. They include candies, foodstuffs, and beverages.
St. George’s is the capital city of Grenada. You’ll find the main seaport, several bars, restaurants, and shopping malls here. One of the leading local markets is also in St. George’s.
Grand Anse is a tourist hub with nightlife, beach resorts, and shopping malls. It is also home to the world-famous Grand Anse Beach.
Carriacou is one of Grenada’s sister isles. The island is home to only about 8000 souls. Thus, it’s perfect for those seeking a peaceful, tranquil place to escape.
Grenada’s fragile tourism-based economy puts it at risk of global crises. For example, pandemics and war can wreak havoc. Still, the country is on an upward fiscal trend. It continues to grow despite the tough global landscape.
Like other countries, Grenada is facing high inflation and has a poverty rate of around 25 percent. It has been working on growing its sources of income. It has even set up citizenship by investment program to that end.
Benefits and Strengths in the Market
In Grenada, capital gains, gifts, wealth, and foreign income taxes are non-existent. The country also does not restrict the repatriation of profits and imported capital.
Another of Grenada’s strengths is its marine space, which is 70 times the size of its land area. This space has the potential to develop a thriving fisheries industry. It can also support marine tourism, oil & gas, and much more.
Grenada isn’t a big market for global e-commerce brands and merchants. Why? Because its consumer base is tiny. The country only has an Internet penetration rate of around 63 percent.
It’s an English-speaking country and part of the British Commonwealth. It’s also a well-known tourist spot. Thus, it can be part of any brand’s larger regional strategy, as the path to entry is easy. Like most small island nations in the region, Grenada consumers prefer to use cash. Few consumers use debit and credit cards and digital wallet payment options.
Reasons to Grow Your Business in the Grenada Market
Grenada offers an excellent quality of life. Customers will be more likely to afford your products. They have disposable income, unlike some other markets in the region.
The country also has access to global markets. Its trading partners include Canada, the US, the UK, and the rest of Europe. It also has a large diaspora that adopts products and provides word-of-mouth marketing.
Grenada has heavily invested in its telephone and Internet networks, and clean and safe water is readily available.
Electricity access is also not a problem. Shipment of goods is easy because Grenada has airports and a seaport. The inland transport system is also sound.
About Market Research in Grenada
Our premier market research service provides detailed Quantitative and Qualitative data. We offer analysis on investing in Grenada and use Focus Groups, Surveys, and Interviews for this purpose.
SIS also offers UX and Strategy Market Research and Competitive Analysis. We do Market Opportunity Research. Our services also include Market Sizing Research and Go-to-Market Strategy.