The timeshare industry has been around for over 50 years, and it has developed into a huge business. Despite the recession, it is still a popular option for vacationers. The industry has been a big contributor to the economy by creating jobs and stimulating tourism in the United States.
During the past decade, the timeshare industry has grown significantly and has shown consistent growth. This is due to the fact that people have more options for vacations and they prefer traveling.
It has also become an increasingly popular choice for families who want to travel together. It gives them more flexible accommodations than hotels and allows them to choose from a variety of destinations throughout the world.
As the market grows, new resorts and developments are constantly being opened to meet the increasing demand for vacation ownership. Some of the key factors that are driving this growth include favorable demographics, technological advancements and growing focus on health and wellness.
In the United States, the industry has experienced steady growth and it is expected to grow further in the coming years. The industry is dominated by North America, with an estimated market share of around 75% in 2019.
The US timeshare industry generated $19 billion in direct and indirect impacts in 2005. This includes consumer and business spending, direct job creation, tax revenue, and overall tourism impact.
However, the industry has recently been hit hard by a global pandemic that has affected tourism. The effects have impacted the industry, but as the economy begins to recover and people are able to vaccinate and reopen borders, the industry will continue to gain momentum.
There are different types of timeshares in the industry, and each one has its own unique features. For example, some timeshares have fixed weeks that you can use on a particular date each year, while others have floating weeks that you can use at different times during the year.
Other options for timeshares include points systems, where you can buy a certain number of points that you can use at different destinations. This type of timeshare is generally available at larger and more luxurious resorts.
According to ARDA, the US timeshare industry has been experiencing a strong recovery and will likely continue to see accelerated sales growth as travelers are able to vaccinate and travel once again. ARDA estimates that sales in 2021 are projected to be $8.1 billion, up from 2020’s $4.9 billion.
The industry is a polarizing one with a few large publicly quoted multi-site branded operators and a multitude of small, independent single-site firms.
Despite its negative reputation, the timeshare industry has gained a fair amount of credibility with consumers. This has been achieved through the involvement of governing bodies and consumer protection agencies.
In addition, some of the major developers have also started to provide various online services and 24/7 customer support facilities. This helps them to stay competitive in the industry and attract more customers.