Millennials and timeshare aren’t two words you would expect to go together. Millennials are going to surpass the Baby Boomer generation this year in population. With that said, it’s safe to say that Millennials will become the driving force in the timeshare industry.
What is a Millennial?
A generation cohort, Millennials are people born from 1982 to 2002, roughly. Also known as Generation Y, Millennials have taken over with their popular trends, shopping, travel, real estate and more. Whether you like it or not, this generation is catapulting the new age.
Millennial Travel Trends
Timeshare companies are finally getting with the times and focusing their marketing efforts on technology. Brands like Diamond Resorts, Marriott Vacation Club, and Bluegreen Vacations are spear-heading the new movement. Many of them have taken to advertising through social media since that’s where Millennials interact with brands the most. Millennials are also pretty savvy consumers, so if you don’t actively give them the information they’re looking for, they’ll find it somewhere else.
Millennials are more committed to travel. When recently surveyed, Millennials that are 30 and under say they take on average 4.3 vacations every year. This is more than any other generation! Baby Boomers reported taking slightly more than 3 trips annually, and Gen Xers (from the early 1960s to the early 1980s) reported taking at least 3 vacations a year.
Because they want to see the world and have new experiences, new timeshare owners are nearly 10 years younger than traditional timeshare owners. And this gap is only going to close in more to the younger crowds.
With ride-sharing, AirBNBs and convenient travel services, Millennials aren’t as into the “cookie-cutter” vacation as their elders. They like to experience vacations, not simply go on one. Of course, relaxing on the beach with a drink in hand is appealing to almost everyone. However, you can most likely find the Millennials snorkeling nearby or parasailing along the shore.
Are They Buying Timeshare?
Millennials don’t place as much value on ownership. They tend to see more value in easy access to a place than on the ownership as a whole. By purchasing a timeshare, Millennials can still take that quality vacation, but not have to fully invest in a second home.
Since their so tech-savvy, they have no issues doing proper research before they buy. In fact, nearly ¾ of Millennials extensively research the product online before purchasing. They also don’t have a problem trying a product before they actually buy it. According to ARDA, 42% of new timeshare owners experience timeshare by renting before buying. Since Millennials are known as “information seekers,” it’s rare that they would ever make a large decision without consulting Google or social media first.
Millennials and Timeshare
It is true that the timeshare industry sometimes gets a bad rap. Millennials are super thrifty, but love experiences. They value simplicity and they crave personal attention. With this said, high-pressure sales, inflexible arrangements and long term commitments aren’t the type of things that Gen-Y wants to deal with. They enjoy doing things on their own terms and don’t like being told what to do. The timeshare industry is heading in the right direction now that it is more online driven. This makes the Millennials feel more at ease and in control; the perfect mix for a timeshare purchase.