Luxury Markets Symposium: One More Success
December 7, 2009 by Perspective Magazine | Timeshare & Fractional ReviewsThe Fourth Annual Luxury Markets Symposium – organized by Group RCI and sponsored by The Registry
Collection, and aimed at finding new business opportunities – was held October 6 and 7 in Mexico City.
Participants heard about trends and experiences they can take advantage of at their resorts.
- Dr. Andrés Oppenheimer
The keynote speaker was Dr. Andrés Oppenheimer, a renowned journalist and expert on Latin American subjects. Oppenheimer spoke about the region’s future and how specific countries must take advantage of circumstances that will allow them to foster the tourism industry, and he explained that times of crisis are also times of opportunity.
During his talk, Oppenheimer highlighted that Mexico shows great opportunity for medical tourism and that – with a few modifications in its legislation – it must take advantage of this trend. On the same line, the famous journalist described the strengths of medical tourism, suggesting they are related to Mexican hospitality, the care provided in hospitals and the country’s low costs.
He stated that another valuable niche for Mexico is to concentrate on Chinese tourism. “Over 100 million Chinese are expected to travel through the world in the coming years,” he said.
Oppenheimer was very emphatic in his conclusion, stating that: “The economic context has been difficult. However, it is not the Great Depression of 1929. The United States is not going to disappear, and neither will the capitalist model. Today, this country’s gross domestic product (GDP) is larger than if you added together the four GDPs of the four countries that follow it in size.”
- Panel discussion at the Luxury Markets Symposium in Mexico City
Discussion Panels
Group RCI set up discussion panels and used this learning environment to allow attendees to approach experts and express their opinions and knowledge about different areas.
Ricardo Montaudon, president and executive director of Group RCI Latin America, pinpointed the essence of the largest resorts for participants in the panel “The Experience of Mega-Resorts.” Montaudon defined them
as very successful, flexible businesses that provide different products for different clients. He also revealed that part of the secret for mega-resorts lies in the land where they are developed.
The panel on “The Advantages of the Mixed Use Project” concluded that it is a strategic, well-thought-out and well-analyzed model that becomes profitable both for the developer and its members. In order to find success with this model, the business must be well structured, designed and created according to the
country’s social and economic environment.
Areas of Opportunity
One of the subjects that attracted a lot of attention during the Luxury Markets Symposium 2009 was Active Living – the market for active adults over 50 who are independent and have a very social lifestyle. Data provided suggests that between 2007 and 2050, 10,000 people will retire in the United States every day. A business niche in two important markets was highlighted: the market with high purchasing power and the
middle market. In the case of Mexico, Morelia and Los Cabos were mentioned as places that have potential for the U.S.-retiree community.
- Wally Hobson
One of the key points during the talk on “How to Differentiate Oneself in an Adverse Environment” was the way in which brands are crucial; it is the prestige of resort development firms that provides their guarantee. Another point was that this luxury market is about experiences and not just properties. An aspect that became clear among all attendees is that Mexico must reposition itself in the retirement market – and not just in the luxury niche, but also in other segments.
Not everything was about business, however. Symposium attendees were able to participate in two tasting events: a red and white wine-tasting with Monte Xanic wines, and another with Johnnie Walker.
The Luxury Markets Symposium 2009 clearly met its goal of accomplishing an exchange of experiences. Attendees learned new ways of confronting difficult moments, strengthened their knowledge in order to make their resorts grow, and saw trends that can help them diversify their businesses.
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