The timeshare industry has been one of the most popular vacation products. It gives people the flexibility to use the property they purchase when it is available, rather than waiting for a specific time of year to visit. A timeshare is a resort unit that is owned by a group of people who have agreed to share it with others. Most timeshare owners are middle-aged or older.
However, there have been many problems in the past. Many people have complained about pressured sales, third-party scams and misrepresentation of the product. Fortunately, the industry has undergone a number of changes that have made it more consumer-friendly. In fact, the timeshare segment has a promising future in the tourism industry.
The United States is the largest market for timeshares. About 1,600 resorts are located in the country, and more than half of these are affiliated with a timeshare exchange company.
According to the ARDA International Foundation, the average annual timeshare sales volume was about $7.5 billion from 2000 to 2009. This was an increase of almost 8%, and in 2006, the industry reached a new high of $10 billion. As of 2010, timeshares are now estimated to have a global market of more than $52 billion. Despite the challenges faced by the industry, it continues to expand.
With more than 5,000 resorts worldwide, the timeshare segment has a strong presence in the world economy. But after the 2008 financial crisis, the industry was hit hard. Several consumer protection agencies and governing bodies joined forces to take stricter enforcement actions against the industry. While these steps did not stop the industry from shrinking, they did help it become more mature.
As a result of the economic crisis, many companies in the industry have been forced to close operations. Those companies that have survived have restructured their businesses in order to recover and maintain their viability. Timeshares are a popular choice for those looking for predictable, affordable vacations. They also allow buyers to own a unit at a specific resort without the cost of a second vacation home.
Timeshares have been a popular form of vacation real estate for decades. But despite their popularity, they have had a bad reputation in the past. Currently, it is a good idea to do some research to ensure that you purchase a timeshare with integrity. If you have questions about the sale of your timeshare, find a reliable resource that can help you make an informed decision.
Today, the timeshare industry has recovered from the financial crisis. More than six out of seven respondents in the Morning Consult survey expect that the economy will create a demand for the industry in the coming years. Some of these respondents even think that the timeshare market will reach a higher volume by 2023 than it did in 2019.
Another way of thinking about the recovery of the timeshare industry is that it has been a long time since the industry was this low. In 2007, the ARDA International Foundation published a study on the industry’s performance. It projected an increase of 81% in sales over the next five years.