As the timeshare industry continues to grow, it’s important for consumers to have access to accurate and comprehensive information. To that end, we’ve compiled some key statistics to help guide potential buyers as well as current owners.
Among the most significant of timeshare industry stats is the occupancy rate, which represents the percentage of available units that are currently being used. This figure serves as an excellent benchmark for both prospective purchasers and current owners alike, and is an excellent indicator of the overall health of the industry.
Another crucial statistic to consider is the annual maintenance fee, which represents the annual cost that owners must pay to maintain their timeshares. This statistic is particularly important for prospective purchasers, as it can give them an idea of what they can expect to pay when purchasing a timeshare. It’s also a helpful tool for current owners, as it can provide an accurate representation of their actual expenses in comparison to the original sales price of their timeshare.
Timeshares are a popular vacation option for many people. They allow families and friends to spend quality time together in one location that offers a wide variety of amenities and activities. In addition, the flexibility that timeshares offer is an appealing feature for people who prefer to travel frequently, or those with special interests such as golf, skiing, and more. As such, it’s not surprising that the timeshare industry has grown so rapidly over the years.
The most recent industry stats show that timeshares are still a very popular option for vacationers, with occupancy rates in the US reaching an impressive 81.1% in 2019. The high occupancy rates are indicative of the strength and vitality of the timeshare industry, which is set to continue growing as a result of the popularity of these vacation options.
In order to sell their timeshares, developers must use a variety of marketing strategies. They often target consumers while they are on vacation and offer them incentives like free trips and other bonuses in exchange for lengthy and often-unnecessary timeshare sales pitches. These pitches often try to wear attendees down, so that by the end of the meeting they feel pressured into signing a contract. As a result, many states have laws that protect consumers from these types of sales practices, and most timeshare companies offer a five to seven-day cooling-off period to avoid impulsive purchases.
However, despite these efforts to prevent consumers from obtaining their timeshares, the industry has been criticized for its unethical business practices. For example, while mortgages and auto loans are required to provide clear, transparent disclosure statements, timeshare contracts are not. This is particularly troubling, considering the fact that these contracts are a lifetime commitment that can carry a substantial financial burden. Fortunately, the involvement of consumer protection groups and governing bodies has helped to raise ethical standards in the industry. Despite these concerns, the industry is set to continue its strong growth into 2023 and beyond.