Timeshare giant Wyndham Destinations has commissioned a survey, in an attempt to gauge the future prosperity of the timeshare industry in the US. According to the survey of 1,250 Americans, almost half believe they will spend more than $80,000 on holidays during their lifetime. More than half of the people surveyed said they had stayed in a timeshare and a whopping 80% said they had enjoyed the experience. Amongst millennials, 55% said they had stayed in a timeshare and 73% of these had enjoyed their experience. Incredibly, one in four liked it so much, they would consider purchasing a timeshare in the future.
Wyndham commissioned a surveying company to discover what people really thought about timeshare and, between October 5 – 18, 1,250 people were asked general questions about leisure travel and timeshare properties. The study targeted Millennials, Gen X and Baby Boomers who like to travel and with an income of over $50,000 a year.
Here are some additional statistics the survey uncovered:
Value of Timeshares: More than half (55%) of Millennials have vacationed in a timeshare; three quarters (73%) revealed they liked it, so much so that nearly a quarter (24%) said they’d consider buying one! What’s more, 60% of Wyndham Destinations’ new owners are millennials and GenXers.
Vacation for a Lifetime: Nearly half (48%) of Americans believe they will spend $80,000+ on vacations over the course of their lifetime.
Timeshare Travel: More than half (56%) of Americans have stayed in a timeshare while traveling on vacation; nearly 80% report that they enjoyed the experience. One in four respondents intend to purchase a timeshare within the next three years.
Variety and Choice: Forty-two percent of survey respondents preferred to vacation in a new destination. More than 1 in 3 (34%) say they most often take a vacation in a city they can explore compared with 24% who seek outdoor adventures like skiing.
Travelling Alone: Solo travel is still trending among the younger demographic. While three quarters of Baby Boomers (72%) say they most often travel with a spouse, only 55% of Gen Xers and 50% of Millennials bring along their partners.
Creature Comforts: Americans tend to like some comfort when they travel like spacious accommodations, consistent service and brand names – (34%) consumers say make their vacation less enjoyable is a lack of amenities like laundry, a fitness room or pool.
Family Time: Nearly half (43%) of Americans travel as a family (e.g., parents and kids) and 13% as an extended family. When vacationers travel with more than one person they typically (42%) book a house so everyone can stay together.
Timeshare in the US is a billion Dollar industry and still remains a popular way to holiday despite the negative press surrounding timeshares. There are over 1,640 timeshare resorts in the United States owned by approximately 6.5 million people. And with only 42% of all Americans owning a passport you can see why timeshare might be so popular in America.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Timeshare Termination.