Where is the timeshare industry headed?

Despite the ups and downs of its reputation, the global timeshare industry remains big business. Now, a newly published report, The US Vacation Ownership (Timeshare) Market (2018-2022 Edition), projects that it will remain so over the next several years, at least in the US.

The report predicts growth of the timeshare industry between 2018 and 2022, following an impressive compound annual growth rate (CAGR) over the period from 2012-2017. The market’s major growth drivers include property purchasing preferences, the high net worth individual population and shifting perceptions.

Interestingly, the report considers the growth of timeshare properties versus that of other timeshare resorts/units, such as condominiums, villas, apartments and privately-owned holiday homes. Of these, it is timeshare resorts that are gaining the most momentum.

“The projections that the timeshare industry – at least in the US – is due to grow over the coming few years means that we can expect to see a corresponding increase in cases of unhappy owners. Timeshare ownership is often found to be far from what purchasers expect, in terms of both ease of use and cost. That’s why Timeshare Compensation remains committed to supporting owners who find themselves unable to reverse their timeshare purchase decision.”

Mark Rowe, Founder, Timeshare Compensation

One recent market trend flagged up by the US industry report is the next generation of timeshare prospects. Faced with new resorts and updated sales patter, younger holidaymakers are finding themselves lured into timeshare ownership, just as many of their parents’ (and grandparents’) generation did. Some will no doubt own their timeshares happily, but many others will sadly find that shifting economic and family circumstances will mean they no longer want or can afford their timeshare commitments.

The experts at Timeshare Compensation have seen case after case of such individuals. They work with owners to explore their options in terms of exiting from their contracts. Timeshare contracts are notoriously difficult for owners to extricate themselves from, but certain conditions – such as ‘in perpetuity’ contracts or ‘floating weeks’ products – mean that those contracts may actually be deemed illegal in the courts eyes. Where contracts are illegal, the courts often award compensation to the timeshare owners.

“Despite extensive coverage of the dangers of timeshare ownership, many holidaymakers are still wooed by the ideal of owning part of their dream home overseas. Timeshare companies aren’t known as being the most scrupulous when it comes to their sales techniques and the growth of the industry is worrying in terms of the impact it could have on unwary purchasers. We would urge anyone who is considering buying a timeshare to be extremely cautious – and anyone who has already bought one and regrets it to speak to the Timeshare Compensation team.”

Mark Rowe, Founder, Timeshare Compensation

For more information, please visit www.TimeshareCompensation.co.uk, call 0800 046 5855 or email Info@TimeshareCompensation.co.uk.

Timeshare Compensation and Timeshare.lawyer are a trading names of Advanced Business Consulting SL.

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