Isn’t that what holidays are all about? Deciding when and where you want to go and achieving it. Outside of timeshare that’s exactly what you can do. The modern way to holiday and the revolution created all really started in 1996 when booking.com hit the scene. For the first time in holiday history the internet showed its value, not only did booking.com make it easy to stay in places not normally offered by the travel industry, but also made it cheaper.
Just one year earlier in 1995 the UK aviation went through a paradigm shift with the formation of the UKs first budget airline, Easy Jet, since then the do it yourself holiday has moved on leaps and bounds. In order of fairness, credit for the world’s first low cost budget airline goes to Pacific Southwest Airlines whose first flight was in 1949!
Cheap flights, cheap accommodation, complete flexibility, what more could a holidaymaker want?
Forward to 2022
In 2022 American timeshare ownership sales topped $10.5 billion, with rental revenues generating an additional $2.7 billion, this according to the American Resort Development Association (ARDA). In all honesty we cannot understand “rental revenue” if this is relating to timeshare owners renting out their ownership for whatever reason because they couldn’t use it, then OK. If on the other hand it’s rental revenue to the developer, which is more likely, then it’s not OK.
With availability of booking where you want when you want being a perennial problem for timeshare owners, and knowing that the majority of timeshare resorts can now be booked on said booking.com, if this rental figure relates to the developer then it might give you a clue as to why you never seem to achieve your well thought out and desirable holiday because its being rented out to someone else.
According to statistics from RCI it’s estimated that globally there are around 5,400 timeshare resorts so theoretically that should be enough to go around. This figure pales into insignificance when looking at one of the world’s largest accommodation providers, AirBnb. According to their 2022 accounts they now have 6.6 million global active listings, in other words 6.6m individual properties to rent. AirBnb offer rentals 220 countries and hundreds of cities worldwide. We quote directly from RCI:
“As an RCI member, you’ll gain access to holidays at 4,200 affiliated resorts in more than 100 countries worldwide”
So if you’re a globe trotter, AirBnb offer over twice the global destinations when compared to timeshare.
Whilst according to ARDA the 2022 investment from new buyers of timeshare in the USA was $10.5bn, AirBnb were not far behind, their revenue for 2022 was $8.4 billion and grew 40 percent year over year. Now AirBnb have got a way to travel before they catch up with booking.com whose 2022 figures showed total revenues for the full year was $17.1 billion, an increase of 56% from the previous year. Add the 2 together and the total revenue is $25.6bn, 2.5 times that of the American timeshare industry.
TCA comment
Whether its timeshare or holiday rental, the figures above certainly show the importance we place on having our holiday getaways. With the figures from the rental side of the holiday market increasing, seemingly year on year, we think this indicates the evolution away from rigid holiday products, such as timeshare, towards greater choice, flexibility and of course cost.
As the title of this piece conveys, Stay where you want, when you want with no upfront membership fees and no annual maintenance bills, simply pay as you go, no strings attached. This article is not sponsored by AirBnb, Booking.com or anyone else for that matter, it’s merely pointing out that the global holiday industry has moved and adjusted to the modern day travellers needs. Although maybe sad to say, timeshare is stuck in the same rut its been in for years with little or no sign of moving forward or adapting to current needs of the modern traveller.
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