Since the global financial crisis broke out in the late of 2007, most sectors of the economy are feeling the squeeze. It has also created a troubling situation for timeshare owners as the timeshare industry is being pounded from both sides with banks cutting back on lending and consumers cutting back on spending. As a result, several owners try to get out of their timeshares to discharge the financial burdens that came with it. However, while discussing the topic ‘Vacation Ownership as a Development Model and Strategy,’ panelists at the second edition of Hotel Investment Forum India (HIFI) 2010, agreed that timeshare will rule the market in the years to come and has a huge growth potential in India.
Looking back its entry into the India market during early 1990’s, timeshare over the year has evolved with tremendous amount of resurgence in the hotel business. According to Radhika Shastry, Managing Director of Group RCI, hoteliers need to concentrate on domestic tourism which has tremendous potential. Domestic market also feeds the business and according to the statistics of last financial year, timeshare transported more than 30,000 families across the country. He added also that Goa, located on the west coast of India, is prospering in tourism sector due to the timeshare concept which has gained a momentum in the state. Meanwhile, Ulrich Wolffram, Head of Operations of Club Mahindra stated that the timeshare is the fastest growing segment in India.
Timeshare industry is one of the gravely affected of the recent economic meltdown. This resulted to the many owners getting rid of their timeshares while others hire a timeshare transfer company such as the Transfer Smart to pass on the ownership to other interested consumers. But the latest update for this industry implies a bright future as the economy is moving towards full recovery.