Owning shared resort real estate has become a preferred way to vacation for millions of Americans, according to the latest national research commissioned by Interval International, a prominent worldwide provider of vacation services.
Among the findings: an estimated 12 million adults now own what was commonly referred to as “timeshare”, and among the most appealing attributes associated with shared ownership was the ability to exchange, cited by eight in ten current owners.
These findings are from the newly released report on Shared Resort Real Estate Ownership 2012: A Market Perspective, which was distributed at the 14th Annual Shared Ownership Investment Conference in Orlando, Florida, September 18 to 20.
The survey was conducted by MMGY Global with a nationally representative sample of 810 active leisure travellers who met specific criteria with respect to their age and annual household income.
“The observations of this report, when viewed through the lens of current shared resort real estate owners as well as non-owners who are interested in purchasing, will enable developers to compete more effectively in the broader lodging and hospitality sector,” said Peter Yesawich PhD, vice-chairman of MMGY Global.
“The implications suggest that the preferred product offerings and services will continue to evolve with the shifting social values of today’s leisure travellers. The results also reveal that the concept of shared ownership aligns well with marketplace trends, which bodes well for continued industry growth.
“We believe this study will be extremely useful to developers and marketers since it examines the changing travel habits, preferences and intentions of current and prospective owners.
“It provides valuable insights, such as those relating to price points and product characteristics, that indicate how the industry may need to evolve,” added Bryan Ten Broek, Interval’s senior vice-president of resort sales and business development for North America.
The survey also revealed that among other things – leisure travellers interested in purchasing shared resort real estate tend to be married (63 per cent) and on average, 42 years old. In addition, approximately four in ten reported having children who lived in their households full time.
According to the study, leisure travellers interested in purchasing shared resort real estate took an average 3.4 leisure trips during the past 12 months and spent an estimated US$1 730 on lodging accommodations.
In addition, eight in ten leisure travellers who are current owners (80 per cent) and a comparable percentage of prospective purchasers (84 per cent) prefer a beach or lake experience on vacation.
South Beach Resort, The Crane Resort and Residences, Barbados Beach Village, and Bougainvillea Beach Resort are among the “timeshare” resorts on the island.
The data for this study were collected during June and July 2012 using a nationally representative panel of American consumers pre-qualified and screened for specific demographic and behavioural characteristics.
Respondents were adults who took at least one trip for leisure purposes during the previous year that was at least 75 miles away from home and required overnight accommodation; were between 25 and 64 years of age; and reported a minimum annual household income of US$50 000.
While Barbados does not enjoy a significant share of the timeshare industry, a number of hoteliers involved in timeshare express their views that the industry “always manages to “stay afloat” even during tough economic times. (CH)
