The economic meltdown that broke out last 2007 may already be over and the path to full recovery is becoming clearer these days. For the timeshare and other related companies, this might be the perfect time to expand and regain the status of their businesses. One of these is the global vacation exchange firm RCI which recently said that it is eyeing 100% growth in five years, besides expansion of its presence in Jammu and Kashmir and north-eastern states.
According to RCI Managing Director Radhika Shastry, in the next five years, they are targeting to double their timeshare business in India. They are also very keen to foray into the north-east and states like Jammu and Kashmir and Madhya Pradesh. RCI is a brand belonging to Wyndham Worldwide Corporation. It is also affiliated with 91 resorts across the country. As Shastry indicated, at a global level, RCI has more than three million members.
She further stated that the occupancy level in India is around 80%, while it is around 82% on the global front. The overall timeshare business in the country generates around Rs 450-500 crore and growing annually at about 18-20%. Globally, the timeshare industry is growing at 12% with revenue generation of about $14 billion. The target audience in India is mostly from the 35-65 age group while up to 70% seek domestic exchange.
Despite the recent global economic turmoil, the timeshare business is growing as people have already paid for their holidays over 25 years, according to Shastry. We can’t ignore also the threats to this business like the number of owners trying to get out of their timeshare contracts and the negative perception of the consumers to such properties. But the timeshare firms are positive about what lies in the road ahead.