Market Research in St. Martin
St. Martin is a Caribbean island located about 190 miles east of Puerto Rico with a land area of at least 34 square miles. It’s split 60:40 between France and the Netherlands. The French side is located in the north and is an overseas collectivity. The Dutch side, known as Sint Maarten, is in the southern part of the island.
What’s the best part of staying on this island? Visitors taste two lively but distinct cultures for the price of one vacation. Another key point is that the island is proud of its dual heritage and customs. Another great thing about St. Martin is that people and goods have free movement between the two sides of the island. As a matter of fact, there’s no physical border. The official currency of St. Martin is the Euro. Sint Maarten uses the Netherland Antillean Guilder. Both sides accept the US Dollar for most transactions.
St. Martin’s tropical location attracts many visitors each year. Its economy revolves around tourism. By the same token, this industry employs most of its people. It also opens up many sectors, such as hotels, restaurants, other food services, cruise ships, airlines, entertainment, and transport. The island imports most of its food as agriculture is sparse. The main exports are sea vessels, scrap aluminum, furniture, and liquor.
Marigot is St. Martin’s capital. It has a very European feel, with upscale shopping as well as dining at a relaxed pace. The town has a marina, and you can catch a ferry to St. Barth, Anguilla, and other islands further up the chain.
Cupecoy is on the Dutch border on the northwestern side. It’s home to a casino, a golf course, and some good restaurants. It also has many expensive villas, which dominate this section of the island.
Orient Bay/Orient Village
On the island’s east side, Orient Bay has many vacation rentals. It also boasts many restaurants and small hotels. In addition, it’s the location of one of the most popular beaches on the island.
St. Martin enjoys the kind of weather that supports tourism. Thus, large cruise ships make regular stops on the island. Furthermore, the industry provides many jobs to the residents of St. Martin. Still, it lags behind Sint Maarten. The airport, casinos, and docks for large cruise ships are all on the Dutch side. On the plus side, St. Martin is a foodie’s delight, known for having the best food culture in the region.
Benefits and Strengths in the Market
St. Martin’s residents, by law, pay the same electricity rates as all other French citizens. Their utility rates start at $0.12 per kilowatt hour for home users. Sint Maarten, in comparison, charges around $0.35/kWh. Another benefit of the St. Martin market is that companies can get an official ruling stating their tax system will not change. Moreover, dividends and capital gains are tax-exempt in St. Martin, and no withholding tax exists.
The average salary per person per year is $46,000 in St. Martin. This type of data is vital because it enables you to sell more to your clients. You need to know your customers and see how they are growing. Do they have new goals or values? Do they face new challenges? Have their pain points changed? You must understand your customer. If you don’t, you might be unable to continue your current marketing campaign. Doing so may result in you appearing tone-deaf. That’s where Qualitative, Quantitative, and Strategy Market Research comes in.
About Market Research in St. Martin
SIS International offers extensive UX and Market Opportunity Research. We keep you clued in on commercial industries and consumer products. We also provide insights on consumer lifestyles and trends in St. Martin. You may have an excellent idea for a service or product, but will people want it? You need to conduct some Market Entry Research to find out. Our research teams know the habits and attitudes of Caribbean consumers. We can help you with your Go-to-Market Strategy so you hit the ground running. Contact us today!