Timeshare study shows happy owners and a boost for local economies
European timeshare is a thriving industry with a loyal and satisfied clientele, according to a study carried out by The Christel DeHaan Tourism and Travel Research Institute of the Nottingham University Business School on behalf of the Resort Development Organisation (RDO).
The European Timeshare Study canvassed owners and developers in 12 European countries about their views and experience of timeshare to present an in-depth analysis of the vacation ownership industry in Europe and its economic impact, particularly on the local communities.
The great majority (87%) of the European timeshare owners interviewed reported that they were satisfied with their timeshare holidays. Nearly three quarters of them found their timeshare accommodation better than other self-catering holidays they had taken.
Owners seek high quality accommodation, good exchange opportunities and a reputable company when considering making a timeshare purchase, according to the survey.
The report also highlights the positive impact that timeshare has on local economies, according to RDO’s Chairman, Richard McIntosh: “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.”
The timeshare industry generates €3.2 billion of expenditure each year, with owners spending €1.6 billion during their timeshare vacation, €957 million on timeshare purchases and €618 million on timeshare maintenance fees.
Occupancy rates are high throughout the year (72%), with each family spending an average of €1,588 per trip on local amenities such as restaurants, car rental, parking and petrol, groceries, gifts and clothes.
There are 1.5 million timeshare owners in Europe, mostly British, German and Italian, and a total of 1,312 timeshare resorts, the majority of which are concentrated in Spain (26.3%), followed by Italy and the UK & Ireland.
The study provides a detailed profile of the typical timeshare owner in Europe, establishing an average age of 55 years and an average level of pre-tax household income of €60,475.
Overall, the study shows that the timeshare industry in Europe has performed well in terms of keeping consumers satisfied and maintaining its competitive status versus other self-catering holiday sectors.
“Timeshare is a concept that has truly come of age with many thousands of happy owners across Europe,” said Mr 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,” he concluded.