Market
There was a time not so long ago, when holidaying meant a whistle-stop tour that rocketed people from city to city, country to country in a breath-taking display of stamina and endurance. Returning tourists brought back a blur of memories and rolls of pictures shot against popular tourist backdrops. All this is now slowly changing. More people are, today, opting for the relaxed, soak-in-the-local-flavourand-culture holidays.The joy of ducking into little alleys to taste the local cuisine, day trips to places off the beaten track, shopping for ethnic handicrafts and learning the odd steps of a local folk dance now form part of the wish list of holiday makers.
As the Indian consumer continues to evolve in the post-liberalisation era, the concept of holidaying has become experiential as well as aspirational. Holidaying, today, is now based on an individual's idea of fun, excitement and the elation brought on by the simple pleasures of discovery. In this developing environment, resorts help create a perfect holiday.
Indian tourism, standing on the threshold of a new era, is expected to grow at about 25% annually until 2017 (Source: World Travel and
Tourism Council report).The same report projects India to emerge as the world's 3rd fastest growing travel and tourism destination over the next decade while the number of domestic travellers is expected to cross the 300 million mark.
The current mix of escalating land prices, insufficient leisure properties and the pressures of demand from tomorrow's holiday seekers is a giddy combine of opportunity and wealth creation. In this scenario, the hospitality industry has come face-to-face with the realities of optimising investments in real estate, evolving marketing strategies in sync with today's tourism climate and the increasing relevance of shared ownership of leisure products.
The market for vacation ownership models is huge. Significantly, domestic traffic is adopting lifestyles that support this innovative concept.
While vacation ownership is well-established in the US and Europe it has made an enduring beginning in India.The market is maturing and surging ahead at a speed that was inconceivable just a few years ago.