Market Research in Guam
Though self-governing, Guam is a territory of the United States. Its location is in the North Pacific Ocean.
The US Armed Forces has a presence on the island, and spending from this sector partly supports the economy in Guam.
Tourism is the most robust sector in the country. It is also the fastest-growing; tourism provides thousands of jobs on the island. Over one million tourists visit the country every year.
These two sectors also help the construction industry. The construction sector benefits from the upkeep of the US military bases. It is also needed to build and upkeep the hotels and resorts in Guam.
Some other key industries in Guam are poultry farming and garment finishing.
The top exports from Guam are scrap iron, electric batteries, and beauty products. Their main export partners are South Korea, Hong Kong, and Australia.
Some of the country’s imports are cars, food, and oil. Some import partners are Japan, Malaysia, and Singapore.
The capital of Guam is Hagatna, and it is the central hub for the island. The seat for the three branches of government is there. Hagatna is also the seat of the Catholic Church, which is the chief religious faith on the island.
Dededo is the second largest village in Guam. Visitors and locals alike love to visit the indoor amusement park and the mall.
Guam’s growth has been steady for the last ten years. The US bases on the island benefit both the public and private sectors. For example, the US Navy gives contracts to the construction sector. They also provide several jobs to citizens.
Nowadays, there is more focus on the folk arts and handicrafts. Public and private groups are doing more to boost this sector. Thus, both locals and tourists go to events and spend on craftwork.
Finally, the level of development on the island brings in many tourists from the region.
Benefits and Strengths in the Market
Guam has a stable economy. The currency on the island is the US dollar.
The government of Guam wants to future-proof its tourism industry. There are plans to grow this sector, to make Guam a prime tourist attraction. The government is working to turn Hagatna into The Cultural Village. Once finished, it will be full of activities for tourists to enjoy. Thus, investors with fresh ideas are welcome.
The market is also diverse. There are many sectors from which investors can profit. Furthermore, the government has an incentives program for investors. Some of the incentives are for tax, trade, and tourism.
About one-quarter of the population lives below the poverty line.
Despite that, the people of Guam have many health services from which to choose. The island has public, private, and military hospitals and clinics.
The country is also safe for locals and visitors.
Reasons to Grow your Business in Guam
The buildings and services that are in Guam are up to US standards. Investors have access to good telecom, financial, and transport services.
Education is free from ages 6-16. There is also a university that offers four-year and master’s programs. Thus, Guam has a skilled and educated working class.
Finally, their trade market is broad and stable. The government is also open to investments since it strengthens sectors and creates jobs for the people.
About Market Research in Guam
Business owners and investors must do Strategic Research before they enter the market. Doing Qualitative and Quantitative Research allows one to make the best business choices.
Guam is a very diverse island. Thus, a business owner will benefit from Surveys, Focus Groups, and Interviews. These tools will give insight into the market and the people.