Will Millennials Kill The Timeshare industry?
From Airbnb’s to backpacking with no set destination, consumers are now enjoying the flexibility and spur of the moment style of travelling and the travel industry is catering to it with last minute, short-term accommodation being readily available. So does this new travel trend mean the end of the timeshare industry?
Planning a year in advance to go to the same destination every year means the timeshare industry is the opposite of what millennials are looking for in a holiday. Joe Liebke, CEO of luxury vacation rental service Villaway suggests that the timeshare model does not suit this travel oriented generation. The goal of travel has changed to wanting to go to as many different places spending as little money as possible. Timeshare is a financial burden with annual fees and doesn’t offer the flexibility wanted.
Not only does timeshare have a bad reputation, it restricts on people’s travel and freedom is highly valued in today’s travel industry. With so many types of accommodation available at our fingertips, from hotels that can be booked for the same day, to cabins, to luxury villas, to even staying in someone else’s family home, there is really something for every type of traveller. People now look not for the security of a guaranteed destination but for a unique experience, that is something that the timeshare industry cannot provide.
So where is the timeshare industry heading?
The timeshare industry is continuing to decline, with less and less people signing up, and more timeshare owners getting out of their contracts. The way people want to travel has changed, and the timeshare industry does not look promising as it fails to keep up with the needs of today’s generation.
If you are looking to get out of your timeshare burden to enjoy more variety in your holidays, let us know, we can help you find freedom from your timeshare.