Are millennials fueling a resurgence of the timeshare industry?

The timeshare industry has certainly had its ups and downs in terms of its treatment in the media. Originally, timeshares were touted as the ultimate way to better connect with a favoured holiday destination for a better price that regular holiday bookings. However, suspect sales tactics, almost unbreakable contracts, steeply rising maintenance fees and numerous scams eventually turned the tide in terms of timeshares’ popularity, giving the industry something of a bad name. Now, however, it seems that millennials may be breathing new life into the whole concept of timeshares.

Canadian Vacation Ownership Association has flagged up this younger generation of experience-hungry travelers as the cause behind a resurgence in timeshare ownership. The average timeshare owner is still in his/her early 50s, but the American Resort Development Association has revealed that a full 30% of new timeshare buyers are millennials.

“The reports coming out of the US and Canada indicate that timeshare has captured the attention of a new generation. Millennials are very focused on experiences, so it’s clear to see the appeal of timeshare accommodation to them. The concern, however, is that they may be simply repeating the mistakes made by previous generations in committing to contracts that they will ultimately come to regret.”

Mark Rowe, Founder, Timeshare Compensation

Many of those ‘previous generation’ buyers are facing lengthy struggles to extricate themselves from their timeshare contracts. As owners age, many face health concerns, changing family situations and shifts in economic status. All of these can turn a once affordable timeshare commitment into a financial nightmare.

Some 42% of the world’s 32 million millennials are now believed to be parents themselves – a fact which is no doubt pushing their rising interest in family holiday destinations. Whether they will come to view their timeshares as burdens, like many of their parents’ generation, remains to be seen, but the courts are at least working to level the playing field.

“The Spanish supreme court is leading the way in standing up for the rights of timeshare owners. In perpetuity contracts, which last longer than 50 years, and floating weeks products are no longer permissible, which should serve to protect the interests of some of those now buying timeshares.”

Mark Rowe, Founder, Timeshare Compensation

The court’s rulings also mean that some timeshare owners looking to exit have renewed hope of doing so. Timeshare Compensation works with those seeking to exit contracts that have now been deemed illegal by the Spanish courts. Taking a case to court can be a time-consuming process, but for those who exit their contracts and receive compensation as a result, it is well worth it. Only time will tell what proportion of the millennials now buying timeshares will end up in those same courts.

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Timeshare Compensation and are a trading names of Advanced Business Consultants Legal SL.

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