Vacation ownership, also known as timeshare, continues to lead in the hospitality and leisure industry with steady growth, as the large part of the industry’s constant innovation developed in response to consumer lifestyle needs and vacation preferences.
It is one of the most evolving and profitable sectors in the hospitality market, holding vast growth potential. This sector was once dominated by private developers selling one-week fee intervals, but now includes publicly-traded hospitality companies actively developing a full range of offerings at different price points in resort and urban destinations.
The key factors driving growth of the global vacation ownership industry include rising number of HNWI and employed population, growing demand for leisure and recreation, increasing internet penetration, ameliorating global economic condition and zealous international tourism in the US. Some of the noteworthy trends and developments of this industry are enhanced buyer’s protection, shifting profitability from hotel stays to timeshare buying, growing popularity for eco-friendly timeshare resorts and fast pace recovery of respective industry in the developed markets after recession. However, the growth of vacation ownership market is hindered by a number of factors including low resale value and stringent government regulations.
At present, the global vacation ownership industry is recovering at a fast pace and both demand and supply factors are poised to observe substantial growth in the years to come. However, as the trend suggests, supply is growing relatively slower in comparison with demand. Increase in the factors like occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR) have made significant contribution to the growth of the industry.
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The report offers an analysis of the global vacation ownership market along with the study of US hotel and vacation ownership industry. It discusses major market trends, growth drivers and challenges. The market for vacation ownership is personified by intense competition, with numerous large and regional players competing on the basis of quality and location of timeshare resorts, flexibility of usage, and other services offered by them.