US Timeshare Owner More Diverse, Younger, According To A Report Issued by the ARDA International Foundation
According to a study issued by the ARDA International Foundation (AIF), new timeshare owners are younger and have higher incomes than current owners and represent a more culturally diverse cross-section of U.S. households.
The timeshare industry in the US has returned to growth mode, in part due to the influx of a new type of owner. According to the newly released Shared Vacation Ownership Study from the AIF, these new owners are younger, have higher incomes than current owners and represent a more culturally diverse cross-section of U.S. households.
“We’re excited not only about the fact that sales are up in our industry but also about why they are up,” says Howard Nusbaum, president and CEO of ARDA. “While existing owners continue to enjoy the lifestyle and purchase more timeshare, it’s the new owners that are responsible for the majority of qualified new sales.”
The profile of the new owner has changed. They are nearly 10 years younger than typical timeshare owners. 39% percent are Gen Xers and 30% are Millennials, with the median age of 39. 42% are African American or Hispanic. They are also highly educated, with 72% being college graduates and 23% of those having graduate degrees.
Their average household income is $94,800 and they have plenty of disposable income—47% of new owners made just a single payment to cover their purchase and 57% spent $10,000 or more on their timeshare.
The new owners are also savvy consumers, with 75% having had some form of interaction with a timeshare resort before purchasing.And overall ownership has increased: U.S. households that own a timeshare rose from 7.2% in 2012 to 7.9% today, with the purchase price having risen to an average of nearly $20,000.
For more information, visit http://www.arda.org/foundation.