The timeshare industry is a significant part of the global vacation destination business. Its economic impact is significant in terms of direct and indirect jobs, spending, and tax revenue. The ARDA estimates that the timeshare industry supports over 26,696 direct and indirect jobs and generates over $1.7 billion in labor income and $14.3 billion in total output and taxes in the United States alone.
The market has been expanding rapidly since the 1970s, a period when timeshares were first introduced to the public. Initially, they were promoted as a different type of vacation option that was more affordable and convenient for consumers. However, the rapid rise of the timeshare industry led to questions regarding its marketing practices and the urgency imposed on the consumer to make a decision on the same day. This led to the creation of consumer protection organizations such as ARDA (American Resort Development Association), CVOA (Canadian Vacation Ownership Association) in Europe, RDO (Resort Development Organization) and PROFECO (The Mexican Consumer Protection Agency).
Despite the controversy surrounding the timeshare industry, it has become the fastest growing segment of the Travel and Tourism industry. It has been able to survive a number of recessions and continues to grow at a steady pace.
It has a large share of the world’s economy and employs millions of people worldwide. It has also been a very profitable business model for many companies in the industry.
In the past, most buyers of timeshares were the baby boomer generation, but it is now expected to attract a younger demographic. This is because the millennials will be the largest generation with disposable income in the next few years.
There are a variety of ways to acquire a timeshare: Some companies will let you purchase a fixed week, while others will allow you to choose a number of weeks over a certain period of time. There are also resale options for owners who no longer need their timeshares.
Timeshares are a great way to get a place to stay for an extended period of time at a reasonable price. But the cost of timeshares can add up to be a significant financial burden for some.
They can be expensive to maintain, and they can be hard to sell if you no longer need them. Moreover, they can be a thorn in your side if you want to change your vacation dates or locations.
Another thorn in the timeshare industry’s side is that there are so many options available, it can be difficult to decide what is best for your family and budget. The key to deciding whether or not timeshares are right for you is determining your specific needs and preferences.
If you have a large family or you are traveling frequently, then a timeshare might be right for you. But if you are only planning a vacation once in a while, then it might not be worth the hassle of owning a timeshare.
The vacation ownership (timeshare) industry is expected to experience a positive growth in the future, thanks to the resale market. Especially with the current trend of young families and affluent generations buying up timeshares, this segment is set to continue booming in the coming years.