The results of the Bournemouth University research into the younger demographic, the 30/40 year olds, and what they are looking for in their timeshare holidays are now available to download from the members’ only section of the website.
The final year students at the School of Tourism at Bournemouth University were tasked with analysing the needs and aspirations of the younger demographic and coming up with proposals as to how the industry can attract this younger age group.
Their research including visiting timeshare resorts in the UK and the Canaries, holding talks with timeshare owners, conducting third party research to develop an understanding of the potential demographic, holding meetings with key industry contacts and analysing the media’s view of timeshare, both past and present.
Their extensive research into the younger age demographic established that the age that people are marrying, buying houses and having children is creeping up (2008 research indicates this is age 30/32) and this clearly impacts on the target age group for the industry. Their on-line survey provided a picture of the younger age group respondents; they are well educated, read the Daily Mail (37%) followed by the Guardian (27%), are highly sociable and prefer sun, sea and sand holidays – a positive figure for the timeshare industry.
Their recommendations include:
1. Integrate the latest technology throughout resorts
The younger demographic would expect Wi-Fi and mp3 docking stations at a luxurious resort. Resorts should become fully interactive and should cater for the following: allow customers to interact using their tablets and smart phones through social networks in and outside of the resort. Live interaction such as Facebook and Twitter feeds can inform the customer of the latest events and features in the area.
2. Introduce short term products
These are far more attractive in terms of affordability to the younger demographic and a try-before-you-buy product can be a great introduction to longer-term ownership
3. Developer the fractional ownership concept
In general, this is a step up from timeshare in terms of quality and with (some level of) guaranteed returns at the end of the cycle
4. Raise public awareness of timeshare
80% of the survey respondents had no knowledge of timeshare – the industry should aim to educate this group of the benefits of the product
5. Use modern media to communication with the younger generations
The younger demographic is highly computer literate and have been brought up with technology as part of their everyday lives. Online marketing methods offer the opportunity to advertise to many more consumers in a cost effective manner
6. Invest in marketing to improve public perceptions of the industry
In conjunction with TATOC, create a marketing campaign to improve the image of the industry and introduce the benefits to the younger demographic. Use testimonials.
For a copy of the members-only report, either login and go to ‘Member downloads’, or contact Sue McNicol on firstname.lastname@example.org