The Millennials - the next timeshare owners generation
The positive perception of timeshare owners by generation
According to the Shared Vacation Ownership 2015 Edition, the study reported on the positive perception felt by timeshare owners with regard to their vacation ownership as per their age groups:
- The Millennials - 80% of the timeshare owners (23-33 years old) have a positive perception of their vacation ownership;
- Compared to the two older age groups:
- The younger Generation X segment (34-44 years old) - felt positive at 78%;
- The older Generation X segment (45-54 years old) felt positive at 64%.
According to the same study, the millennials, the largest consumer group in the United States — who accounts for approximately 80 million people and spend more than $200 billion in goods and services annually, will represent the greatest advocates for the timeshare product in the future.
Source: Arda - December 2015
How much you know about timeshares determines if you're likely to buy
The survey reveals that the more knowledgeable people are about timeshares the more likely they are to have a positive perception of the timeshare product and to purchase in a near future.
According to an AIF survey from ARDA, the positive perception about timeshare among owners and non-owners is greatly related to the knowledge about the product. The survey reveals that the more knowledgeable people are about timeshares the more likely they are to have a positive perception of the timeshare product. In fact, according to a recent omnibus survey conducted by the marketing firm Leger for the AIF, more than 69% of those who are very knowledgeable about timeshare (timeshare owners) have a positive perception of the industry compared to only 11% of those who are less familiar with the industry (non-owners of timeshares) have a positive perception.
It is not uncommon to find non-owners of timeshares who have misconceptions about the concept and to have developed their negative perception based on other's opinions and hearsay. The general sources of the negative controversy about timeshares are generally due to accounts of deceived marketing practices and 'unethical pressured sales'.
However, when it comes to using timeshare products, owners who obviously know more about the concept compared to a non-owning consumer, 69% of the timeshare owners will perceive timeshares positively at 68% while the 66% of non-owners have a negative perception of the product at 98%.
According to the same survey, those who have a positive perception of timeshare have formed their opinion based on their personal experiences (74%) while negative perceptions are more likely to have been formed from secondary sources (other's opinions, 62%).
The survey also reports that among those who have a positive perception of timeshare, 68% would definitely consider buying in the future while 77% of those who have a negative perception would definitely not consider buying.
Obviously, the somewhat negative connotation of the term « timeshare » is still very much present in the consumer's mind. Since the questionable reputation connects with a low level of knowledge consumers have about timeshares, the industry will have to continue educate to counteract the declining consumer's confidence in the future.
Source: Arda - January 2015
Effects Of Timeshare Ownership On Personal Life
When asked to indicate the degree to which timeshare ownership has affected five aspects of their personal lives, Canada timeshare owners respond as follows:
- 73.8% say it has increased the degree to which they look forward to holidays, including: 41.8% for whom this has been “greatly increased.”
- 69.1% believe it has increased their learning experiences, probably by opening new vacation possibilities.
- 65.0% find it has increased the amount of time they spend on holidays (a perception that is supported by the data in the following chapter).
- 55.2% believe it has increased their health and happiness.
- 33.9% feel it has facilitated their family/household communication patterns.
These results suggest that timesharing helps deliver specific benefits that go beyond simply making vacations easier to arrange or more affordable.
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