Market Research in Puerto Rico
The Commonwealth of Puerto Rico is in the Caribbean, between the Dominican Republic and the US Virgin Islands.
It consists of the main island of the same name and several smaller islands, including Vieques, Culebra, and Mona, along with many smaller islets. The largest city is the capital, San Juan. The population of Puerto Rico is over three million persons.
There is a long list of activities to do on the islands of Puerto Rico. Outdoor enthusiasts will love its mountainous terrain, undulating hills, and sandy coastline. The island offers a wide range of entertainment. There are hiking trails that lead to waterfalls in the Cordillera Central range. You can also kayak along a bioluminescent bay such as Laguna Grande in Fajardo. Mosquito Bay in Vieques is another bioluminescent attraction. There is also lots of island culture on display in the local museums. You can visit the Museo de Arte de Puerto Rico in Santurce. Art galleries around the island tell the rich story of the island and its people. There are also many ways to become immersed in the festivals of the island. You can party in the street at Fiestas de la Calle San Sebastian in the vibrant city of Old San Juan. You can also join in the traditional Three Kings’ Day festival, an annual event.
The main generators of income in the service industry are finance and insurance. Real estate and tourism-based businesses are also prominent. The island is a major vacation destination with beautiful weather, almost year-round. Thus, the thriving tourism industry has injected a constant revenue stream. Businesses such as hotels, restaurants, art galleries, and tour operators do well. It has a ripple effect, which has led to a booming personal and retail-based services sector. Banks, supermarkets, auto dealerships, and similar services are thriving.
The agricultural industry is not a significant income generator on the island. Most of the produce is for local consumption and not for export.
Economic Hot Spots
The economy of Puerto Rico runs on the power of its manufacturing and service industries. Part of the Caribbean, Puerto Rico has a strategic proximity between the Mainland USA, the Caribbean and Latin America. As one of the most developed economy in the Caribbean and with the rule of law matching that of the US, Puerto Rico provides many economic benefits for businesses.
There are many investment and business opportunities in Puerto Rico, and you will find many unique benefits to choosing this island, including its large labor pool. Entrepreneurs can explore personal and retail service-based businesses. These opportunities will increase as the tourism industry continues to grow. There are also viable markets for health and IT-based services.
The manufacturing industry in Puerto Rico centers on pharmaceuticals, textiles, petrochemicals, and electronics. The industry depends on imports as there are very few natural resources on the island. It has also lost most of its competitive edge. The tax exemption that it enjoyed for many years under IRS Section 936 has expired, leading to the closure of some factories and a higher than average unemployment rate on the island. Most of the items manufactured are for export to the US mainland, Ireland, and Japan. The island maintains import relationships with China, Hong Kong, and Taiwan. It has more recently established new relationships with Singapore, Switzerland, and South Korea.
About Market Research in Puerto Rico
Setting up a business in Puerto Rico should involve Qualitative Research. Quantitative and Strategy research is also essential. It’s the best way to find out the advantages as well as shortcomings of setting up a particular business. Your analysis must give you extensive knowledge about the business environment. SIS International Research can provide you with the Quantitative and Qualitative data you need. We can tell you the time, procedures, and cost of starting up and operating a business in the Caribbean. Qualitative Research methods include Focus Groups, Customer Interviews, and Online Communities, and Quantitative techniques include Mobile, App, and Telephone surveys. Strategy Research consists of Market Opportunity & Entry Research, Competitive Analysis, and Go-To-Market Strategy.