Average timeshare owners are still measured at being in their mid-life early 50’s, however, there has been an interesting development recently that has been shared by the Canadian Vacation Ownership Association. They have confirmed that timeshare is currently experiencing a global revival due to its appeal to more affluent younger millennials. According to the announcement the younger generation is starting to pay closer attention to timeshare and it’s more affordable holiday options.
The American Resort Development Association has advised that 30% of its new timeshare owners are millennials and the Director of Dream Hotels and Resorts has also said that he believes this trend will also hit South Africa. He claims that South Africans are also now looking for holiday options that are more affordable options that can include the whole family.
Dickson, the Director has stated there are a number of reasons why timeshare will become a hit with the younger generations in South Africa and they are as follows:
- Family friendly and multi-generational travel options
Research shows that 40% of millennials are parents today and parents, no matter what generation they are born to tend to look for more family-friendly facilities at a good price. Nowadays they are looking for somewhere they can go where other family members can join them in a facility that is suitable for all. Timeshare locations are often suited to these needs.
- Sharing economy without the risk
Within the timeshare industry, there is a clear quality control which is not always factored in other peers to peer sharing properties. Down other avenues, there may not be guarantees of safety or cleanliness whereas with timeshare the accommodation and resorts are maintained to a good standard by professionals. This is obviously attractive to the holiday seeker.
- Flexibility and experience
In this day in age the younger traveler’s value and want life lasting memorable experiences rather than material possessions. People are more interested in authentic experiences with local people and communities. Holiday seekers want to experiment and timeshare companies now offer a wide-ranging array of experiences in unusual, different locations as well as the more urban and previously popularized areas. Timeshare offers the opportunity for people to enjoy and explore different destinations on their own terms. This is a great pull for a great many people.
- Sustainable holidays
It is said that millennial’s are very conscious of the impact they have on the world around them and therefore make a concerted effort to look for a sustainable holiday and it’s one of the reasons why they enjoy the sharing economy. Dickson identifies that the timeshare model is ultimately ‘green’ as timeshare holidaymakers get the benefits of a holiday property without having to purchase a holiday home in its entirety. He also confirms that most timeshare properties are now taking active steps to reduce their carbon footprint which is appealing to the potential consumers.
Unfortunately, there are still some obstacles that the ‘new timeshare generation’ will still have to overcome and one of the main ones is that there is still no clear, concise way to re-sell or get out of a timeshare agreement if they decide it isn’t for them anymore. There are many reasons why timeshare may be suitable for you, but always make sure you read the small print and know exactly what you are paying for, now and in the future.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk