The timeshare industry is changing and evolving rapidly to meet the expectations of modern travelers. Jason Gamel, CEO of ARDA, discussed these changes at the Skift Global Forum, emphasizing that the traditional image of timeshares as rigid vacation experiences is outdated. Today’s timeshare owners have more flexibility in terms of when and where they can vacation, with access to a wide range of properties worldwide.
The COVID-19 pandemic has also had a significant impact on the timeshare industry, with total sales volume reaching $4.9 billion in 2020. The drive-to locations and pre-paid accommodations offered by timeshares allowed owners to adapt more easily to travel disruptions and uncertainties. Major hospitality brands like Marriott, Hilton, and Disney have also invested in the segment, enhancing its reputation and expanding its potential. However, independent developers are still a significant part of the industry and face unique challenges such as consolidation and innovation.
Technology has been a driving force behind recent innovations in the vacation ownership industry. Data analysis allows timeshare brands to gain a deeper understanding of their owners’ preferences and behaviors, enabling them to market more effectively. With most timeshare owners belonging to Gen Z and Millennials, developers must adapt to cater to their preferences for membership, flexibility, and unique experiences. Technology also plays a key role in providing a seamless integration of timeshare ownership into owners’ daily lives.
International expansion is a growing trend in the timeshare industry, with a record number of Americans obtaining passports and exploring international destinations. Timeshare properties are becoming increasingly popular in countries across the Americas and Asia Pacific regions, fueling global sales in the industry. Strategic partnerships with lifestyle brands are also essential for developers to attract and retain owners. By integrating lifestyle experiences with timeshare offerings, companies can create unique and engaging vacation experiences for their customers.
Overall, the future of the timeshare industry will be shaped by its ability to adapt to changing trends while delivering exceptional vacation experiences. By leveraging technology, building industry partnerships, and expanding internationally, timeshare developers can stay ahead of the curve and meet the evolving expectations of modern travelers. The industry’s core values of providing memorable vacation experiences remain unchanged, but the methods of delivering those experiences are evolving to meet the needs of a new generation of travelers.
