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:

• Timeshare Owners Boring? Not a Chance; They’re Thrill Seekers

Hotels Magazine just published a very interesting article based on a newly release report titled, “Future Timeshare Buyers: 2008 Market Profile“, which includes data collected for the Ypartnership/Yankelovich, Inc. 2008 National Leisure Travel MONITOR (sm).

For so many years, we have been told that the average timeshare buyer is a middle age, middle to upper income, and middle-of-the-road type individual buying timeshare for vacation security. But this study, developed exclusively for Interval International, paints a very different picture of today’s timeshare owner and timeshare buyer.

The study collected data during January and February of 2008, and included a sampling of the population of US adults who are active (current) leisure travelers. All of those participating in the timeshare profile study had taken at least one trip of 75 miles or more from their home that required overnight accommodations, for the purpose of vacation or leisure.

Much to the surprise of even seasoned experts in the timeshare resort industry, the people who expressed an interest in buying timeshare were not your security seeking, ‘take me to the same place every year,’ types. Instead, they show a, “greater zest for life, are more interested in trying new things, and taking risks.”

“What’s perhaps most interesting,” said Howard A. Bendell, director of market research and analysis for Interval International, “is that while the demography of potential timeshare buyers is largely reflective of Boomers, the psychographics are more akin to attributes more often related to Generations X and Y.”

You Already Knew This about Buying Timeshare

If you are a timeshare owner who falls into the Baby Boomer profile, you know that the label, ‘boring’ does not fit you. You didn’t buy timeshare because you wanted to experience the ‘same ole thing’ every year; you are likely to have bought it because your life is so busy and so full that you recognize timeshare as a way to ensure your vacation, even during your busiest times. According to Hotels.com, “This group can also be characterized 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.”

So all you Boomers, who have shied away from buying timeshare because you feared it was too staid, and just not cool enough for you, there is no reason to hold back any longer. The research is in, and it says that timeshare owners are not sitting back in a rocking chair, but are instead vital, proactive people, who are serious about living their life to the fullest.

Check in on The Timeshare Authority Blog tomorrow, for more facts from the “Future Timeshare Buyers: 2008 Market Profile”.

Wyndham Worldwide hotel and Wyndham timeshare company underwent several significant changes this week; none of them seemingly positive, at least on the surface. Monday’s stock trading saw shares of Wyndham Worldwide Corp drop and settle at $11.83 a share after hitting a low of $11.05 earlier in the day.

WFTV.com (Orlando) reported that, on Wednesday, approximately 200 people were laid off from Wyndham’s timeshare division, including marketing directors, managers, and financial analysts.

According to an article published in Forbes, “Wyndham expects to post pretax charges of $7 million, or 2 cents per share, in the third quarter for job cuts and restructuring … The company expects fourth-quarter charges to range from $10 million to $15 million and charges in the first quarter of 2009 to range from $5 million to $10 million.” Moreover, Wyndham “anticipates recouping its investment by the end of 2010.” The company plans to release its third quarter business report on October 30.

Timeshare Resales Aren’t Facing the Same Problems

Despite the downturn economy, many timeshare resales company, including Sell My Timeshare NOW, find themselves in a growth and expansion period. Unlike a timeshare developer, Sell My Timeshare NOW does not finance the sale of timeshare; instead, we advertise and market timeshare for sale or rent on a by-owner basis.

In a timeshare resale transaction, no one is trying to entice a timeshare buyer to buy timeshare he or she cannot afford. Instead, in a simple, straightforward way, timeshare owners attempt to sell timeshare they currently own; they are selling vacation property or vacation club points, but they are not trying to sell you a financing deal.

e big picture for Wyndham timeshare, Marriott timeshare, Westgate Resort timeshare, and other large development companies will probably turn out fine. They have hit a time of slowed growth and are burdened with more debt, and uncollectable debt than they can handle in the short term. But these companies are cornerstones in the hospitality industry. The derive income from many areas besides hotel room nights or timeshare sales. Most of these companies will be able to trim the fat, cut back, take a few hits, and move forward. 2009 may not be their most profitable year, but like the forest that flourishes after the fire, we should expect them to soon be back, stronger than ever.

Other recent The Timeshare Authority blog posts about Wyndham timeshare:

• Wyndham Timeshare Announces Cut Backs
• Hotels, Timeshares, and the Bailout

Earlier this week, Pennsylvania Attorney General Tom Corbett filed lawsuits against Bluegreen Resorts, Bluegreen Corporation, Bluegreen Vacations Unlimited Inc. and Great Vacations Destinations Inc., charging the use of marketing practices that are illegal in the state of Pennsylvania. All four companies are Florida timeshare and vacation companies and part of Bluegreen timeshare.

The charges specifically accuse Bluegreen timeshare of marketing vacation packages with aggressive and deceptive timeshare sales presentations and offering airline tickets and other prizes, which the AG’s Office describes as “worthless”. The charges include advertising, real estate, and telemarketing violations.

According to the statement to the press released by Corbett’s office, prospective timeshare buyers were identified in malls, by phone, and at festivals and fairs. Bluegreen timeshare also operates full-time sales facilities in Hershey and King of Prussia, Pennsylvania.

“Virtually any consumer with a checkbook and a pulse allegedly qualified as a ‘winner’ in these promotions,” according to the Attorney General. “Unsuspecting consumers who believed they were contest winners were actually drawn into a high pressure bait-and-switch campaign designed to push timeshare vacation packages costing thousands of dollars.”

Prizes Promised in Timeshare Scam Not What they Seemed

The routine used was one that is all too familiar. People signed up in a contest to win a prize, such as a car, a vacation, or cash. They were then contacted with the news that they had not won the grand prize but had won a secondary prize, such as free airline tickets. Even people who did not sign up for the contest were sometimes told they were eligible for a prize.

‘Prize winners’ were told they would receive a free meal and free gas when they collected their prize if they attended a 90-minute timeshare sales presentation. Consumers who did attend the timeshare sales presentation found that the 90 minutes often stretched into as much as 5.5 hours. They also found that claiming the prizes they did win was fraught with caveats – receiving the promised airline tickets called for you first to pay for as many as ten nights in a pricey hotel in a limited number of cities. Free gas translated to coupons tied up with many restrictions; and in general, what was touted as free turned out to be ‘free’ but heavily wrapped in red tape.

Other charges involve Bluegreen timeshare’s alleged failure to properly inform consumers of their right to cancel their purchase as well as numerous violations of Pennsylvania’s Do Not Call List. Over 5700 Pennsylvania residents have purchased Bluegreen timeshare at prices that averaged between $20,000 and $40,000. Pennsylvania residents who have had problems with Bluegreen timeshare or any other timeshare company are urged to contact the Attorney General’s Consumer Protection Hotline at 1-800-441-2555 or online at www.attorneygeneral.gov

Criticism of Bluegreen Timeshare Sales Practices, Not of Timeshare Ownership

One last and very important thought about Bluegreen timeshares. These allegations all relate to the actions and practices of timeshare sales. There is not one mention that Bluegreen timeshare is anything less than a great vacation resort, nor do any of the charges relate in any way to problems or dissatisfaction with being an owner of Bluegreen timeshare. You always have an excellent way to bypass the ups and downs of new timeshare sales, by purchasing Bluegreen timeshare on the timeshare resale market where you skip the high pressure sales tactics and deal directly with the current timeshare owner.