Sep 26, 2016
According to the Jamaica Tourist Board and the country’s Ministry of Tourism, new growth strategies will see the tourism industry in that country grow by 5% each year over the course of five years. This will drive the timeshare industry in that country, making it one of the new and popular timeshare locations in the Caribbean.
Meeting Traveler Demands
Tourism has always been of major economic importance in Jamaica. After all, the country is located in a prime location to serve international travelers coming to (or moving through) the Caribbean. In today’s day and age, these travelers look for several things when it comes to choosing travel destinations. They want their vacations to be affordable, fulfilling, flexible, and personal. The Ministry of Tourism has focused on delivering all of these things to travelers coming into the country, and those providing accommodation are ready.
The Accommodation Evolution
In the last quarter century, accommodations in not only Jamaica, but around the world, have changed significantly. Whereas lodging once only provided a bed, nowadays, it caters to individual preferences and gives people the opportunity to choose what kind of experience they want when they travel. Timeshare is only one of those preferences, and it represents a large group of people. The timeshare experience offers travelers an opportunity to live in and experience Jamaica rather than simply “visit”, and it is often more affordable and flexible over time than other lodging solutions.
Why Timeshares Are Important in Jamaica
In order for timeshares to be beneficial to those purchasing them, individuals must return to them each year (or every other year). This means that vacationers have to want to return to Jamaica, or at least to another country that hosts the same timeshare resort. The demand for timeshares in the Caribbean is higher than in any other part of the world, which essentially means Jamaica has been missing out on a massive opportunity to not only cater to tourists, but also capitalize on the profits. Timeshares are also one of the fastest-growing tourism segments; in the mid-1970s, it was a $50 million industry globally. Today, it is a $115 billion industry.
New Income Streams
Timeshares will certainly open up plenty of new opportunities, including new jobs within the country of Jamaica itself. For example, creating and advertising time shares will require marketing and sales teams, construction crews, interior decorators, food and beverage vendors and preparers, health and beauty services, nightclubs, and much, much more. It certainly seems like a win-win situation for both the country and its tourists, so it comes as no real surprise that the Ministry of Tourism has made it a priority and expects to see significant growth over the next few years.
Thanks to the Timeshare Vacation Act that was passed in May 2016, which lays the regulatory foundation for the development of timeshares in the country, it is expected that many companies will build and create timeshare resorts in this country, thus breathing new life into its tourism industry and a new age of economic success for many of those living in Jamaica.