Delegates at this year’s Fractional Summit Europe, which took place in London on 17 and 18 February, were reminded of the low awareness and understanding of the fractional concept amongst consumers, and the need for the industry to pull together to realise the huge potential of this growing sector.
The two-day programme of presentations and panel discussions covered topics such as the rise of the urban fractional, the US fractional market or the future of the fractional sector. Delegates also heard about how the new EU Directive, in effect since 23 February, gives the industry the chance to enhance its reputation by offering secure and transparent structures and procedures.
A recurrent concern expressed by many panellists, though, was the low level of awareness that consumers have of the fractional concept. Even a panel of fractional owners talking about their own experience said they had found their properties almost by accident, and still experienced adverse reactions when trying to explain their purchases to friends.
There were calls for the industry to pull together and present a united front in the form of generic industry promotion and marketing, particularly using social media and the internet. “This is something RDO is already doing,” said RDO’s Chief Executive, Paul Gardner-Bougaard. “This new industry has a ready-made home with RDO if it wants to get the message across.”