Celebrities are inspiring travel, whether flying to another city for a concert or booking a trip based on their favorite vacations. Just days after her latest album release, The Tortured Poet’s Department, Taylor Swift’s song “Florida” piqued the interest of Swifties with the lyric “timeshares down in Destin.” Despite the industry boost, millennials have long been ahead of the game and buying timeshares, according to a survey conducted by Club Wyndham this past March.
What Are Timeshares and How Do They Work?
In layman’s terms, a timeshare is a shared vacation property. Each owner can use the home for a specific amount of time annually. It can be a great option for those who desire a second or vacation home at a smaller price point.
With lodging accounting for a large portion of the vacation budget, timeshares help travelers avoid the hours spent researching a place to stay. The rental can range from a condo or apartment to a hotel room at a resort.
While timeshares have been a vacation option for decades (with some pretty great deals), many have steered clear of purchasing due to their reputation for strict contracts, costly fees, exhausting presentations, lack of flexibility, and aggressive sales pitches. However, the American Resort Development Association (ARDA) has been making strides to shake timeshares of their negative perceptions and adapt to the times to appeal to younger buyers. According to a 2022 report conducted by the association, the average timeshare owner is 39, and half of the owners are millennials and Gen Z. Although timeshares can be an inherited asset, the report also shared that these generational groups account for 53% of new timeshare purchases.
Of course, the price will vary based on location, amenities, and housing type, but interested buyers can expect an average price of $23,940. Other costs to consider are annual maintenance fees for landscaping, pool upkeep, and repairs, which average around an additional $1,000 a year.
What’s Attracting Millennials to Timeshares?
For starters, timeshares are far more inclusive than they used to be, offering customization-based interests. That’s a major appeal to younger buyers. Some may include guided tours, outdoor adventures, and other unique experiences. Or, instead of being limited or stuck on a property, vacationers can choose to cruise or check out a luxury campsite.
Millennials also love to save money (think bundle packages and subscription services), another appeal of timeshares. Tying into the customized interests, Marriott Vacation Club takes it further with specialty packages for sports fanatics and music lovers. Baseball fans may enjoy The World Series Single Game Program, which includes 3-day/2-night hotel accommodation (with daily breakfast for two), a rental car, and two reserved grandstand tickets to one of the games. Similar arrangements are available for The Country Music Awards and The Emmys.
Club Wyndham is known for their flexibility, allowing timeshare holders to use points to plan small getaways or huge trips to multiple destinations each year. It is also the largest vacation ownership company, providing over 200 resorts to choose from globally. This allows travelers to get the benefits of a timeshare without being committed to the same property every time.
Overall, timeshares are a fan favorite among millennials because they have more opportunities to travel than previous generations due to the rise in work-from-home positions or roles with unlimited paid time off. Per the American Resort Development Association (ARDA), timeshare owners are 93% more likely to have already made a reservation for their next vacation. Millennials also see travel as a form of self-care, making it a priority.
It’s A Beneficial Investment
Purchasing a timeshare can be a scary and huge commitment because life is unpredictable. However, it can also be a beneficial investment for those who can afford it. Data from ARDA shows that 63% of timeshare owners believe nothing will stop them from taking a vacation. The data also shows that 71% of owners plan to upgrade or purchase additional timeshares over the next two years. And since no one likes to waste money, you’re locked into paying for a vacation each year, whether or not you take it. Long story short, timeshares guarantee you’ll take at least one vacation a year, and as we all do our best to balance work and life, that is certainly a draw.
