Despite the boom in the number of owners seeking restitution for illegal or mis-sold contracts by processing timeshare claims and cancellations, the timeshare industry has been forecast continued growth, year-on-year until 2023.
A report published by ResearchAndMarkets.com has made a study of the Global Vacation Ownership (Timeshare) market in terms of type, end users, region and country and has predicted that the timeshare industry will experience a large growth represented by a Compound Annual Growth Rate of 7.05% during 2018-2023.
One particular segment which is expected to grow is Points based ownership, which has now shifted from targeting the mid-to-older generation, to the younger millennials who will demand more flexibility in their holiday options. As points systems become more attractive with an array of beneficial extras, and access to VIP weekends, flexibility in decision making and a choice of luxury accommodations in different locations, younger people are starting to see the benefits and the market is expected to take off in the near future.
The report places many factors on the expected rise in growth, contributed by increasing importance on family togetherness and the rise of family tourism. More choice than ever before is now becoming available for consumers and international tourism is rising. This is affecting the major players in the timeshare market who are capturing more market value by meeting the demand for supply by consolidating with other holiday ownership companies throughout the world.
With the continued lack of timeshare regulations in many countries across the globe, we at O-YOO expect to see a similar continued rise in the number of claims being processed for mis-selling and unfair contracts, despite the attempted regulations imposed by many countries who are major players in the timeshare industry to avoid bad practice. Many vacation ownership clubs in the market can be made of up various companies, some of which are hidden, and consumers who are considering buying timeshares outside of the EU need to consider the presence of the applicable timeshare law to their timeshare contract.
So, considering your own experience with your holiday ownership, would you buy another timeshare? We’d love for you to let us know … 🙂
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