New survey suggests industry growth as products align with emerging leisure travel habits
MIAMI, FL (October 2, 2012) — The ownership of shared resort real estate has become a preferred way to vacation for millions of Americans, according to the latest national research commissioned by Interval International (Nasdaq: IILG), a prominent worldwide provider of vacation services. Among the findings: an estimated 12 million adults now own what is commonly referred to as “timeshare,” and among the most appealing attributes associated with shared ownership is the ability to exchange, cited by eight in ten current owners.
These findings are from the newly-released Shared Resort Real Estate Ownership 2012: A Market Perspective, which is being distributed at the 14th Annual Shared Ownership Investment Conference held September 18 – 20, in Orlando, Florida. The survey was conducted by MMGY Global with a nationally-representative sample of 810 active leisure travelers who met specific criteria with respect to their age and annual household income.
“The observations of this report, when viewed through the lens of current shared resort real estate owners, as well as non-owners who are interested in purchasing, will enable developers to compete more effectively in the broader lodging and hospitality sector,” said Peter C. Yesawich, Ph.D., vice chairman of MMGY Global. “The implications suggest that the preferred product offerings and services will continue to evolve with the shifting social values of today’s leisure travelers. The results also reveal that the concept of shared ownership aligns well with marketplace trends, which bodes well for continued industry growth.”
“We believe this study will be extremely useful to developers and marketers since it examines the changing travel habits, preferences, and intentions of current and prospective owners. It provides valuable insights, such as those relating to price points and product characteristics, that indicate how the industry may need to evolve,” added Bryan Ten Broek, Interval’s senior vice president of resort sales and business development for North America.
- Leisure travelers interested in purchasing shared resort real estate tend to be married (63%) and average 42 years of age. Approximately four in 10 report having children who live in their household full time.
- Leisure travelers interested in purchasing shared resort real estate took an average of just over three (3.4) leisure trips during the past 12 months, and spent an estimated $1,730 on lodging accommodations.
- Eight in 10 leisure travelers who are current owners (80%), and a comparable percentage of prospective purchasers (84%), prefer a beach or lake experience on vacation.
- Nearly nine in 10 prospective purchasers are interested in staying at a condominium-style resort during the next two years.
- Mini-vacations and weekends at shared ownership resorts are, by far, the most highly rated incentives to participate in a sales tour, with eight in 10 leisure travelers who are prospective purchasers (83%) citing their appeal.
The data for this study were collected during June and July 2012 using a nationally representative panel of U.S. consumers, prequalified and screened for specific demographic and behavioral characteristics. Respondents were adults who: took at least one trip for leisure purposes of at least 75 miles away from home that required overnight accommodations during the previous year; were between 25 and 64 years of age; and reported a minimum annual household income of $50,000.
About Interval International
Interval International operates membership programs for vacationers and provides value-added services to its developer clients worldwide. Based in Miami, Florida, the company has been a pioneer and innovator in serving the vacation ownership market since 1976. Today, Interval has an exchange network of approximately 2,700 resorts in more than 75 nations. Through offices in 15 countries, Interval offers high-quality products and benefits to resort clients and about 2 million families who are enrolled in various membership programs. Interval is an operating business of Interval Leisure Group, Inc. (Nasdaq: IILG), a leading global provider of membership and leisure services to the vacation industry.
Interval International, 6262 Sunset Drive, Miami, FL 33143 U.S.A.
SOURCE: Interval International