It is no secret that Miami is the place to be. With its waves so blue and one of the most popular vacation places globally. Miami has so much to offer beyond its fantastic lively nightlife, beaches, culinary and hospitality world, shopping, sports, and weather. It is ranked 26th out of 200 main global business cities and the 26th best city. However, as companies grow and spread globally, leaders need to be aware of the cultural differences and backgrounds to appeal to new places and know the right time to create a new endeavor. Therefore, we have compiled numerous Latin American country reports to help you better understand each area, such as Miami.
The Consumer
The typical consumer in Miami ranges from locals to global travelers. Their air passengers surpass 45.9 million, higher than the regional average. Also, Miami ranked 15th in the charisma subindex. There are around 69 embassies and consulates to cater to any nationality.
The population is around 467,968, with a median age of 40. Miami is home to a diverse population comprised of Hispanic, African American, White, and various ethnic groups and heritage. However, the most common origins are Cuban, Haitian, and Colombian. Consumers spend most of their money on housing and transportation, followed by food.
The Economy
Miami is a major center of culture, finance, arts, entertainment, and an international trade hub. The GDP was $46,610, with several headquartered companies with an added revenue of more than USD$5 million. Some of the companies with the highest revenue include Lennar, World Fuel Services, Ryder System, and Carnival Corp, to name a few. Miami ranked the 12th out of 200 business cities globally in an operational environment.
Aside from the numerous companies, Miami is home to some of the biggest international hotel brands in the world. The brands include Hilton, Marriott, Hyatt, Holiday Inn, Hampton Inn, DoubleTree, etc. Restaurant chains also have the same strong presence as Starbucks, McDonald's, KFC, Subway, Dominos, Pizza Hut, etc. In addition, the local real estate index is booming and has an equal regional average. The largest industries in Miami are food services, construction, retail, finance and insurance, science, and tech services.
Business Climate
Get ready to get on the ground running. It only takes 4.2 days to start a business instead of the regional average of 4.7 days. Surprisingly, the city has its own stock exchange, perfect for any stockholder, business guru, and start-up. In addition, Miami is one of the busiest ports and the busiest airports in the U.S. Therefore, numerous cargo and international trade are essential for businesses. They also have some of the most considerable bulk of international and domestic bank institutions to help you on your ventures at any time.
Digital Infrastructure
You can feel the Wi-fi even before you land or out in nature. 5G networks are available everywhere, and the whole city and beyond are well connected. Users can experience zero delays in video calls, zero latency, and high speed everywhere—operators such as Verizon, T-Mobile, and AT&T service the area. Talking about being connected, apps like Uber, Lyft, and Curb are readily available.
With "connected" being the main keyword, Miami is also well connected on Instagram. The city ranked among the most popular cities on social media than any other globally. Miami also offers more EV charging stations than other cities.
Sustainability Culture
According to reports, Miami and its beaches play a crucial role in environmental and sustainability efforts. Local plans aim to enhance and protect the quality of life resources. The city also boasts of significant solar energy initiatives, which landed them a high rating from SolSmart. The solar energy tech makes it easier and more cost-effective for residents and businesses alike.
Elizabeth Wheaton, City of Miami Beach's sustainability director, stated: "is incrementally looking to adapt to sea-level rise and how we can make adjustments today to bring us into the future." The city is constantly working to have a suitable method and response to climate change, such as allocating over USD$192 million for flood risks and rising sea levels.
Tips on the Business Culture
The working environment consists of large companies, newbies, and small businesses.
Merit, past achievements, and experience are measures of success and advancement.
Plan meetings at restaurants ahead of time and reconfirm with all the guests.
Wait after dessert to talk business.
Send thank-you notes or emails.
With thousands of visitors globally, Miami will be some of your favorite places to visit, live, and do accessible business. Creating a business has never been easier with friendly tax laws, easy visibility, an ocean of opportunities, and a booming economy that can sustain every sector.
Leveraging our partners in the Worldcom network, we offer companies the option to outsource their international marketing communications strategy and execution to our team of Advisors. To learn more about how we companies go global and reach their goals, feel free to contact our team of trusted advisors.
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