What Do Timeshare Owners Really Want?
Tuesday, October 21, 2008
Yesterday we told you about data compiled by Ypartnership/Yankelovich, Inc. 2008 National Leisure Travel MONITOR (sm) for Interval International. The research was released in a report titled, “Future Timeshare Buyers: 2008 Market Profile” and was presented last week at the 10th Annual Vacation Ownership Investment Conference recently held in Orlando, Florida.
According to the findings of this study, timeshare owners and timeshare buyers want new and different experiences. Peter C. Yesawich, co-author of the annual survey with Yankelovich, Inc, and chairman and chief executive officer of Ypartnership was quoted by Hotels Magazine as describing people interested in buying timeshare as those who want to “live life to the fullest.”
Yesawich sees timeshare buyers as desiring, “personalization and customization … more brands, more types of products, and more consumer choices overall so they can select what best fits their needs.”
Hotels Magazine describes prospective timeshare owners as, “individuals chasing originality, expressed by their pursuit of new experiences. They prefer traveling to places that are more than just entertainment, where they can also get a sense of participation, and spending their money on life-enriching experiences.”
Clearly fifty really is the new thirty. But are timeshare resorts and timeshare developers prepared to keep up with the changing demands of consumers, especially in these days of tight credit and decreased spending?
Timeshare Developers and the Vacation Ownership Industry are Ready
Howard A. Bendell, director of market research and analysis for Interval International, sees the findings of the report as being very important to the timeshare industry and timeshare developers. Bendell says, “timeshare developers are in the perfect position to offer these consumers exactly what they want: personalization, customization, and originality – in the form of vacation experiences that are tailor-made for the individual every year.”
Clearly if you are buying timeshare, viewing you expenditure as one that has value to you over a lifetime, you are concerned that your vacation needs and interests will no doubt change in upcoming years. As Bendell observes, “… families can create a different experience each year through a myriad of resort offerings and by using the ability to exchange their resort time.”
The study also backs up a finding that has been evidenced in the past: timeshare buyers are willing to pay more – as much as 20 percent more – to get what they really want. Buying timeshare that offers products and services customized to your specifications is what Bendell describes as a good value proposition.
With the economy rocking and reeling these days, and even timeshare developers and big hoteliers feeling the effects, it is good to know that overall there is a bright outlook for the industry. According to facts presented by Hotels Magazine, there are now more people in the US who want to buy timeshare than who already own it. This translates to a potential to at least double the number of timeshare owners in the future, if timeshare developers listen to the market and are ready to respond to the call.
To learn more about the timeshare and vacation ownership report, read yesterday’s post on The Timeshare Authority: