The timeshare industry continues to face challenges. However, the demand for vacation experiences remains strong. The industry is adjusting to meet consumer demands and is expanding its offerings. This includes new ways to enjoy a timeshare experience like point-based vacations, luxury accommodations, flexible scheduling options, and VIP weekends. It’s also focusing on marketing to attract younger consumers. The industry is expected to grow in the future and outpace other vacation industries.
A recent survey of the top 16 national and regional timeshare companies by HVS Shared Ownership Services revealed a positive outlook for the industry. The respondents were optimistic about the future and saw a recovery for the timeshare industry within the next five years. Several of the respondents even expected sales volume to be higher in 2022 than in 2019.
According to the ARDA International Foundation, the total annual timeshare sales reached $10.5 billion in 2020. This is a significant increase from the $4.3 billion sold in 2019. These sales are fueled by increasing demand for vacation experiences among consumers. In addition to this, the industry is growing rapidly because of its flexible and affordable vacation ownership models.
These vacation ownership models include lease and right-to-use (RTU) contracts, which typically last 30 to 99 years. During this time, the owner has the rights to use their unit for a certain number of weeks each year. The owner can exchange their weeks with other members of the resort’s club, or with other clubs in other locations.
RCI is one of the largest timeshare exchange agencies. In the United States, it operates over 4,000 locations and has more than 2 million active members. Its membership is composed of timeshare resorts and private individual owners. Its membership also covers over 11,000 destinations in Europe and Asia. RCI has a reputation for high quality vacation rental properties and offers its members a range of travel benefits, including discounts at participating resorts and hotels and access to exclusive events.
Timeshares are a popular option for families and individuals who want to enjoy a vacation every other year. In addition to the convenience of owning a vacation home, they can offer owners peace of mind knowing their homes are well maintained and protected. The industry’s growth has been driven by the increased popularity of vacation ownership, as well as a greater awareness of the health benefits of regular travel.
The timeshare industry is regulated to ensure that the interests of timeshare buyers are taken into account. In the United States, a number of state-level laws and regulations have been passed to protect timeshare buyers from misleading or aggressive sales practices. It is also important to read the fine print of the timeshare contract to make sure you understand what you’re getting into.
In 2005, 154,000 timeshare units created 91,300 jobs and $2.4 billion in direct spending on vacations, payrolls and wages. In addition, the industry contributed $3 billion to the economy through indirect spending by guests at other businesses. These numbers confirm the importance of the industry for both the public and private sectors of the economy.