Today’s Owners are Younger than Ever, and They Love Timeshare
When it comes to timeshare, some may still think of it as an outdated concept for older generations – but that couldn’t be further from the truth.
A new report from the ARDA International Foundation (AIF), United States Owners Report 2022, highlights exactly who timeshare owners are, why they buy, and what they do with their ownership. And the findings reinforce what we at ARDA have known for quite some time – this isn’t your grandparents’ timeshare.
In fact, in 2022, Gen Z and Millennials now account for more than half of all timeshare owners (57%) and more than half of new sale purchasers (53%). This continues a trend seen over the last 16 years, since AIF first began conducting owner studies, of a steady decrease in the age of owners.
The timeshare industry has evolved significantly in the last few decades to become an attractive vacation option for younger customers, and the results speak for themselves. Today’s timeshare products allow for flexibility in where owners go, for how long, and even provide the ability to take a cruise or embark on a different travel experience altogether. Owners clearly enjoy these options and continue to rate “overall flexibility” and “exchange opportunities” as their top reasons for purchasing a timeshare.
The industry’s constant innovation and evolution in response to ever-changing consumer lifestyle needs and vacation preferences is pleasing timeshare owners. The 2022 report found an astounding 90% satisfaction rate among owners. Even more, 84% of owners would purchase a timeshare product again – a significant increase from 77% in 2020. Moreover, 82% of all owners would recommend timeshare in general.
So it’s no surprise that owners have been eager to get back to their timeshare vacations. In 2021, owners took an average of 4.1 vacations and 78% used, exchanged or converted their timeshare. Looking ahead, more than 60% of owners plan to spend both more time and more money on vacations in 2022 – both up substantially from the approximately 30% who planned to in 2020.
But interestingly, there has been a significant shift in where owners are interested in owning a timeshare. City/urban areas increased in attractiveness from 34% in 2020 to 44% in 2022, while beachfront/coastal areas declined in attractiveness from 47% in 2020 to 39% in 2022. This highlights a shifting interest toward more populated urban areas with features such as shopping, rather than locales featuring outdoor activities like swimming and watersports. However, this shift may be attributed to the coronavirus pandemic, which began in early 2020 and caused travelers to opt for vacations in outdoor settings rather than urban destinations. Now, in 2022, travelers may simply be returning to popular city-centered vacations.
The timeshare industry has always been, and remains, committed to meeting the needs, wants and expectations of its owners – and it’s clear we’re hitting the mark. Today, timeshare offers travelers great vacation experiences and flexible options, from the largest and most trusted brands in the hospitality industry. As owner desires and demographics continue to shift, so will timeshare, to captivate the next generation of timeshare owners.