The timeshare industry is a lucrative business that offers vacation owners a way to travel and save money. It also provides jobs to the local economy and generates tax revenues. It has a long history and strong future.
The industry has a diverse and diversified base of companies. It is made up of exchange companies, resort developers, timeshare owners associations, vacation clubs, timeshare resellers, and other industry vendors.
It is a multibillion-dollar industry with a strong foundation of a positive economic impact. In the United States, it supported 16,1,000 jobs and $5.4 billion in wages and salaries in 2019. It generated $195 million in state and local taxes and $943 million in off-site spending.
Despite the recent recession, the vacation ownership (timeshare) market is expected to grow in 2021 as people are looking for a safe, affordable way to enjoy their holiday. This is because the timeshare industry has a wide variety of vacation packages, locations, and memberships, which make it attractive to travelers with a range of budgets and preferences.
There are several factors that have fueled the growth of the vacation ownership (timeshare) industry, including favorable demographics, increased international tourism, rising Internet penetration and improved economic growth. The increasing focus on health and wellness and new technology trends are some of the other drivers for this industry.
According to ARDA, a leading trade association in the timeshare industry, the average American owns 1.4 weeks of vacation time. That number reflects the average owner’s satisfaction with the product, and indicates that most vacationers plan to use their timeshares over time.
As a result, the industry has seen substantial growth over the years, especially in the U.S. The industry is also a major contributor to the Florida economy, with more than 378 timeshare resorts in the state.
In addition, the industry has a strong presence in Europe and Asia. In 2010, the number of resorts in those markets reached a record high, and the total sales volume rose to a record high as well.
The timeshare industry has grown substantially in the past decades, and it is expected to continue to expand. The market is expected to reach more than $40 billion by 2021, and it is projected to increase at a rate of 16% per year.
Today’s vacation owners are affluent members of the baby boom generation who often are repeat buyers. Their purchase price is generally higher than that of first-time purchasers.
There are many different types of timeshares, from condo-style accommodations to luxury villas. Most consumers want the larger accommodations, which offer more space and convenience.
Unlike hotels, timeshares allow owners to take their vacation whenever they want without having to book a specific room each year. This is an important advantage for leisure travelers, who want flexibility and freedom to choose their own destination.
Consumers also enjoy the physical products of timeshares, which are usually condominium-style accommodation with kitchens and laundry facilities. The market is also growing as more and more people are willing to pay for a quality, luxurious vacation experience.