Market Watch: Cuba on
the Rise
By Tomas Acevedo, ARDA State Affairs
It’s been more than a year
since the Obama administration announced new rules easing trade and travel
restrictions against Cuba, as part of the move toward normalizing relations
with the country. Since that time, Americans have been able to travel to the island,
provided the trip serves a religious, educational, humanitarian, journalistic,
or other approved purpose. In fact, U.S. airlines are now allowed to fly
scheduled routes to Cuba for the first time in decades, yet Americans still
can’t travel to Cuba purely for travel’s sake.
It’s clear that Americans
want to visit Cuba now—with its still frozen-in-time culture—before it loses its old-world charm. According to
the travelhorizons survey released by marketing services firm MMGY Global, 46
percent
of travelers from the
United States who
are likely
to visit a Caribbean destination during the next two years would be willing to
change their vacation plans to go to Cuba instead. And 19 percent of U.S.
adults said they would consider taking a vacation to Cuba during the next two
years.
Further, the American
Society of Travel Agents estimates that more than 500,000 American cruise
travelers would visit Cuba within the first two years—with another one million
leisure travelers coming by air. Cuba is ready for business to increase in
their travel and tourism space, where they see a lot of opportunity for
growth.
And
with all the buzz around this island, it’s only a matter of time before we’re
talking timeshare there, too. Cuba
doesn’t currently have timeshare legislation in the country, but with Meliá
Vacation Club selling a travel club-type product in the country, it
demonstrates they’re open to this new form of business in the travel sector.
It’ll likely still take some years—and fully lifted sanctions—before the
timeshare sector starts to build a footprint in Cuba, but for those with
interest in the area, now is probably a good time to start registering company
trademarks and logos, to be at the ready when the time comes. To learn more
about the potential of timeshares in Cuba, read the full article in the
February Developments.