Timeshare news covers the latest events, trends and developments in the vacation ownership industry. It also provides a platform for industry experts and professionals to share their thoughts on the future of this booming industry.
Despite the gloomy economy, the popularity of timeshares continues to increase among Baby Boomers and Generation X. The trend has been driven by a desire for a more immersive travel experience that isn’t based on booking flights or hotels.
It has also become more attractive for people who work from home. The option of owning a timeshare means that they don’t have to worry about finding a place to stay in an unfamiliar city or resort every year.
However, this may not be the only reason that more people are opting to own a timeshare. Another factor that could be driving the increase in timeshare ownership is inflation.
A recent survey by the American Resort Development Association found that hotel prices have risen at least 39% in the past few years, which has made timeshares a more affordable way to vacation.
Even though this is a positive sign, it can also be an opportunity for rip-offs to occur. That’s why it’s important to do your research before you decide to tour a timeshare property.
Beware of high-pressure sales tactics, as these are often indicative of a scam. In addition, ask for the fine print first before deciding to proceed with a purchase. This will allow you to see what you can expect to pay and how long you will be stuck in an expensive obligation.
Consider buying a timeshare from an established, reputable company. Many of these companies are backed by well-known financial institutions and have a long track record of success.
For example, Marriott Vacations stands apart from the competition as a brand that has a stronger-than-average customer base. More than half of its Interval program owners have an annual income of at least $100,000. This may help to buffer the company against a slowdown in the travel industry.
As the economy becomes more difficult, the industry will be faced with challenges attracting new buyers and ensuring existing customers are happy. For example, Marriott Vacations has to maintain low interest rates on its timeshare loans in order to encourage consumers to continue buying and renting.
The company will also need to continue reducing delinquency and default rates, so it can attract more owners. This will be a challenge as the economy becomes more challenging and interest rates rise, but it will be necessary to ensure that it remains profitable in the long run.
To combat this, the company is focusing on developing better digital marketing strategies to reach more potential customers and re-engage with current ones. It is also increasing its staff to support these efforts.
The company’s focus on digital marketing has led to more than 10,000 new subscribers and a record number of timeshare sales in 2021. The company anticipates these trends to continue into 2021.
