European timeshare: Happy owners and a year round boost to regional economies
Brussels 27th May 2009 – There are over 1.5 million timeshare owners in Europe and the vast majority *(87%) are happy with their holidays, with almost three quarters thinking that their timeshare accommodation is better than other self-catering holidays they have taken, with quality of accommodation the most important consideration for owners.
This is according to a comprehensive study into timeshare carried out by The Christel DeHaan Tourism and Travel Research Institute at the Nottingham University Business School on behalf of RDO (Resort Development Organisation), formerly known as OTE. The study looked into the industry in detail, analysing what its economic impact is, what owners think of their timeshare and what the industry’s reach is, over 40 years since it was first conceived of in the French Alps.
The results paint a picture of a thriving industry which makes a positive impact on local economies all over Europe. The Timeshare industry generates €3.2 billion of expenditure each year and employs nearly 70,000 people. Occupancy rates are high throughout the year (72%) in Europe’s 1,312 resorts – that’s 67 million bed nights – with owners spending an average of €1,588 per trip on goods and services in the local area: from restaurants, car rental and groceries to souvenirs and clothes.
It is also a form of holiday property ownership for the masses with the average owner’s household income (pre-tax) standing at €60,475; and for people in their mid-life, with the average owner coming in at 55. The British and the Irish are the biggest timeshare fans, followed by the Germans, Italians, Spanish and French. Spain is the most popular destination with 26% of resorts, followed by Italy (15%) and the UK and Ireland (11%). It’s not all about jetting off though, one third of owners purchase a timeshare in their own country – which shows many want to be able to get to their resort easily.
“Timeshare is a concept that has truly come of age with many thousands of happy owners across Europe”, said RDO Chairman Richard McIntosh. “The quality of timeshare resorts is high which is why many owners see it as superior to other self catering holidays. With exchange options available, owners also enjoy the flexibility of being able to try out resorts across Europe and the rest of the world.”
“This report also highlights the positive impact that timeshare has on local economies. Timeshare is a year round industry with owners as likely to visit in the winter months as the summer, spending money in the local community and providing jobs where they otherwise might not exist”, concluded McIntosh.
Professor Chris Cooper, Director, Christel DeHaan Tourism and Travel Research Institute commented: “This report is essential reading for all involved in the timeshare business, not only does it provide a detailed profile of timeshare owners, but it also examines their future intentions and preferences in the timeshare market place”.
The Christel DeHaan Tourism and Travel Research Institute (TTRI)
TTRI is located in the Business School in the University of Nottingham. The University of Nottingham is one of the UK’s leading universities, a member of the Russell Group of universities and one of the top four universities earning research funding from private industry and commerce. The Business School has been rated as one of the leading research schools in the 2008 UK-wide Research Assessment Exercise.
For RDO’s Public Relations Office in the UK, contact:
Jackie Murphy/Will Brewster
Flagship Consulting
Tel: 020 7 886 8440
Jackie.murphy@flagshipconsulting.co.uk or will.brewster@flagshipconsulting.co.uk
