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Esta página no está disponible en español. South Florida Sun-SentinelPuerto Rico Buying Power Proves Quite Impressiveby Doreen Hemlock
December 30, 2002 Looking to pursue new markets in Latin America in 2003? Check out Puerto Rico, the small Caribbean nation that boasts the highest buying power per household in the Latin American region. This U.S. Commonwealth is so disproportionately wealthy that its almost 4 million residents command roughly the same buying power as all of Central America's 37 million-plus residents. Puerto Rico's economic strength seems to jump off the pages of the just released 2003 Latin American Market Planning Report, prepared by Miami-based Strategy Research Corp., now part of global research network Synovate. The report shows the average household in Puerto Rico commands buying power estimated at $31,727 in 2002. That's more than double the next nation in line, Mexico, and more than triple the average in all of Latin America. Combined, all of Puerto Rico's households command roughly $41.7 billion in buying power in 2002 -- similar to the buying power of all households in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama, nations with almost 10 times the population. Little wonder then that Seattle-based Starbucks Coffee just opened its second store in Puerto Rico and plans to open up to 15 outlets. Plus, France's luxury fashion and jewelry maker Lalique plans a Puerto Rico boutique, according to reports in the San Juan-based Caribbean Business newspaper. Helping account for Puerto Rico's prowess in part are huge U.S. government transfers to the island, more than $10 billion yearly for highway, education and other programs; plus a world-class pharmaceutical industry that accounts for most of Puerto Rico's whopping $45 billion-plus in sales to the U.S. market yearly. Of course, Puerto Rico's economy is no paradise. The island is losing manufacturing jobs because of the phase-out of certain federal tax breaks for U.S. companies. And tourism is weak after the Sept. 11 terror attacks last year. That helps explain why Puerto Rico's household buying power dipped slightly in 2002, down roughly $400 per household, reversing strong gains the previous year. Still, Puerto Rico's small dip seems meaningless, compared to dramatic plunges in buying power among households in Argentina, Venezuela, Uruguay and in Latin America as a whole during 2002. Argentina's average household buying power fell by two-thirds, or more than $11,000, from an estimated $18,130 last year to $6,631 this year, as the country's once-envied economy shriveled amid its worst financial crisis ever. Argentina's plunge helped bring down the average buying power for all Latin American households by roughly 10 percent to $9,205 in 2002. Puerto Rico often gets overlooked as a Latin American market, because it's part of the United States. Yet it's often neglected by companies pursuing U.S. Hispanic opportunities, because the Commonwealth is not one of the 50 states. Fort Lauderdale-based AOL Latin America Inc. is among the firms recognizing Puerto Rico's strength. It operates a custom Web site in Spanish for the Caribbean island.
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