Residential Tourism is a constantly growing segment and has a significant influence on the tourism industry of many destinations around the planet.
In the previous article its main characteristics were broadly defined. According to national and international socioeconomic trends, their perspectives in the present and future were raised. It is worth remembering that this market niche is made up of those people who decide to reside for long periods of time or permanently in places other than their countries of origin.
In this second installment we will delve into some of his behaviors in order to learn more about him. This type of tourism acts under motivators on occasions other than those of traditional tourism.
Residential Tourism Behavior
In the first instance, Residential Tourism is more demanding than the traditional one in terms of the conditions offered by the destinations. Example: if the stay in the place is temporary, it can be “accepted” that it does not have an optimal signal for the use of mobile phones and computer equipment, in exchange for this, it offers a prodigal nature that compensates for the failure. On the contrary, if the stay in the destination will be prolonged, connectivity becomes extremely important and it is difficult to let it go.
Residential Tourism reviews most of the factors that determine the quality of life, such as security, transportation, roads, communications, infrastructure and a long etcetera. Some are more relevant than others when the decision to choose a destination is made. This is the case of caring for the environment which, due to global warming and the increase in pollution, became one of the most important “deciders”.
Resident tourists prefer a place close to their country of origin and that also has good roads and transportation to travel to them. They also look for places where there is a pleasant and calm social environment, preferably with communities of their nationality. Given that retirees are the most representative group of Residential Tourism and that they have a lot of free or leisure time, they require places to occupy it, such as clubs, museums, cultural venues, etc. In these places, in addition to fun and health, they find spaces for personal fulfillment.
It is quite difficult to sharply delimit the actions and behaviors of Residential Tourism, because sometimes they are similar to those of traditional tourism. However, there are nuances and features that allow them to be differentiated.
In both cases the economic line is decisive. In traditional tourism, you have a certain amount for a more or less established stay and it is known that you will return to your place of origin where the economy recovers. Unlike Residential Tourism, where the original economy is transferred to adapt it to that of the chosen destination. Almost always the monetary exchange rate is very convenient and the money yields more in the new place of residence. In this sense, the price of residential properties both for sale and for rent, in the vast majority of cases, must be at least equal to that of the place of origin, although preferably less.
Ages mark a relevant difference between Residential and Traditional Tourism as they define consumption behaviors. In the first, although it begins at thirty, the bulk of the population ranges from forty to eighty. In the traditional one, the range is much wider because it covers practically all ages.
The gestation of Residential Tourism goes through a more or less established process. First it appears as potential, in the second instance it becomes sporadic, later habitual and ends as residential.
Like any social body, this market niche evolves and adapts to both global and local socioeconomic conditions. Under this premise, new forms of consumption arise. One of them that is in constant expansion are the collective residences for retirees. In this modality, the cost of the rent is distributed among several people and also, in many cases, the contract includes the possibility of buying, taking into account the amount invested in rents.
Due to its number and growth, Residential Tourism has a powerful influence on the socioeconomic line, especially in the tourist poles. It is important to know about it, especially for those who maintain a commercial and social relationship with it, as is the case in the real estate industry. In another article we will take a closer look at some of the effects that this market niche is capable of generating.
By: Marc Murphy Tourism and Real Estate Consultant marc@mexicopacificlifestyle.com marc@mexicopacificlifestyle.com
