The timeshare industry is an important part of the tourism and hospitality industries, which have enjoyed robust growth in recent years. A number of factors have led to this growth, including advancements in technology, favorable demographics and a growing focus on health and wellness.
A Timeshare is a resort-type property where you purchase the right to use an assigned condo during a set period of time each year. Most resorts are located in resort destinations, although a few successful urban vacation ownership properties have been developed.
Despite the recent global economic turmoil, the timeshare industry remains strong and healthy. It has been able to weather a variety of economic challenges, including recessions, inflation and political unrest.
After years of missed vacations, people are now taking advantage of the travel economy again. This has created demand for the vacation ownership industry, which has helped a great deal to increase sales and profits.
The timeshare market is one of the fastest-growing sectors within the travel and tourism industry, and is expected to remain that way for years to come as more people are able to travel. Many of these travelers are millennials, who are able to afford and desire the flexibility and unique experiences offered by the timeshare industry.
According to ARDA, North America remained the dominant region in 2018. This is attributed to the emergence of social sharing and increased health and wellness travel across the region.
In 2019, timeshare sales increased by 7% to $12.5 billion. This was the 10th straight year of positive growth for the industry, according to ARDA.
This is a great sign for the independents and companies that provide services to the industry. The industry has a long history of being resilient to the ups and downs of the world’s economy, and this continued growth is a good indication that the timeshare industry will continue to be profitable.
While a number of factors have contributed to the industry’s continued growth, a major factor is the changing lifestyle of today’s consumers. This is evident in the way that millennials view vacations and are looking for something new to do.
Aside from this, people are also starting to think about retirement, which is a big motivator for timeshare purchases. Millennials are more likely to have an IRA or 401K than their parents, so they’re also thinking about how to make their money last longer in their older years.
Another major factor that is driving interest in the vacation ownership industry is the emergence of a point system. This allows customers to spend their time in a flexible way, and can also save them money as they don’t have to pay for a fixed week.
The overall growth of the vacation ownership industry is still expected to continue, and a lot of this has to do with the growing popularity of the point-based model. In addition to this, a recent study shows that the average age of a timeshare owner has dropped, and the industry may soon see more millennials owning timeshares than baby boomers.