HONOLULU (October 23, 2017)
awaii’s timeshare industry contributed an estimated $5.3 billion in consumer and business spending in 2016, according to a recent study conducted by EY for the ARDA International Foundation (AIF) and ARDA-Hawaii. The industry also accounted for 31,727 local jobs, $1.8 billion in labor income and $263 million in state and local tax revenue.
“With 95 resorts and more than 15,000 units, the timeshare industry is an important component of Hawaii’s tourism industry,” said Mitchell A. Imanaka, ARDA-Hawaii Chairman and managing principal of Imanaka Asato LLLC. “It accounts for 13 percent of the state’s visitor lodging inventory and has a significant impact in terms of job growth, economic development and consumer spending.”
In 2016, Hawaii’s timeshare industry accounted for $1.3 billion in off-site consumer spending. An average party of four spent nearly $4,000 on vacation expenditures during their stay, flowing that cash revenue back into the local economy.
The timeshare industry has a major presence on four Hawaiian Islands. To follow is an island-by-island breakdown of key economic indicators:
Jobs 12,728 Labor Income $860 million Economic Output $2.3 billion State & Local Taxes $121 million Off-site Consumer Spending $478 million
Jobs 9,522 Labor Income $508 million Economic Output $1.4 billion State & Local Taxes $73 million Off-site Consumer Spending $424 million
Jobs 5,938 Labor Income $269 million Economic Output $1 billion State & Local Taxes $48 million Off-site Consumer Spending $296 million
Jobs 3,434 Labor Income $163 million Economic Output $508 million State & Local Taxes $20 million Off-site Consumer Spending $150 million
The study also looked at Hawaii timeshare owners. It found that 25,683 Hawaii resident households (5.1%) own a timeshare. Of these owners, 16.1 percent own a timeshare in Hawaii.
“It is not just visitors who benefit from the timeshare industry,” continued Imanaka. “Timeshare is owned and used by local residents who understand the great advantages that vacation ownership provides to both owners and the local community.”
Data was gathered from the ARDA International Foundation’s Economic and Fiscal Impacts of the Hawaii Timeshare Industry, 2017 Edition, conducted by EY. For details on the study, visit www.arda.org/foundation, and for details on the Hawaii market, visit ARDA’s infographics on the “HawaiiTimeshare Industry: Building the Local Economy.”
The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has over 600 members, ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC). For more information, visit www.arda.org or ARDA’s consumer website at www.VacationBetter.org.
The ARDA International Foundation (AIF) is the timeshare industry’s leading source for market intelligence and career advancement resources. AIF, a 501(c) (3) organization, serves to enhance knowledge for the public and industry through its comprehensive timeshare research studies, and aims to enrich careers through ongoing training, learning and development. For more information, visit www.arda.org/foundation.
PRESS RELEASE SOURCE: ARDA