The timeshare industry is a vibrant, multibillion-dollar sector of the tourism and hospitality business. It is one of the few travel-related industries that continue to grow despite economic recessions, inflation and political unrest. In fact, timeshare sales have continued to rise this year.
A major reason for the longevity of the timeshare industry is the quality of the product itself. Consumers like the condo- or villa-style vacation homes. They are often larger than hotel rooms and feature kitchens and laundry facilities. And they come with the added benefit of resort amenities, such as pools, spas and golf courses.
In addition, a number of timeshare companies offer exchange programs. This allows owners to trade their week at one property for a different location or time period. This flexibility gives consumers the chance to visit new destinations each year without the expense of purchasing a second timeshare.
As the timeshare industry continues to evolve, it is expected that it will attract even more customers. In the coming years, baby boomers will be entering retirement age and Gen Xers will be starting families. As these generations become more accustomed to vacationing and traveling, it is likely they will also be drawn to the features of timeshares.
One of the challenges facing the industry is the proliferation of third-party exit companies that lure unhappy or remorseful timeshare owners into paying exorbitant fees to get out of their contracts. These companies are often unlicensed and may employ unethical and illegal tactics. In an effort to combat these companies, a number of timeshare brands have filed lawsuits against them and are lobbying lawmakers and regulators for policy changes.
The popularity of timeshares is a positive sign for the tourism and hospitality industries worldwide. According to ARDA, in 2006, 5.7 million people took timeshare vacations and spent $10 billion. The majority of this spending occurred onsite at the resort, but the industry also supports local businesses.
Timeshare companies are also focusing on improving customer service and offering a variety of amenities. In recent years, many have increased the frequency of owner meetings and have redesigned their marketing materials to be more consumer-friendly. These efforts are helping to increase customer satisfaction and retention rates.
In the past, the industry has faced criticism for its questionable marketing strategies and pressured sales tactics. However, the introduction of governing bodies and consumer protection agencies has led to more responsible practices and greater credibility for the industry. It is also a good idea for prospective buyers to research the companies they are considering working with. A reputable company will be a member of a leading industry association, such as RDO or CVOA in Europe and ARDA in the United States. This can help ensure that the customer’s rights are protected. A great place to start is by searching for reviews of the company online. A company with a good reputation will most likely provide a high-quality and efficient service.