This year, the Millennial Generation (1980 to 1995) is set to surpass the current largest generation: the Baby Boomers (1946 to 1964). With that said, it’s safe to say that Millennials will soon be the new driving force in the Timeshare industry. When asked what the most important reason to save money was, Millennials stated that it was simply for trips. They even felt saving for a vacation was more important than saving for retirement! Since Millennials aren’t the most financially stable of the generations, they do know their way around a good bargain. Although they may not be able to make as large as investments as their parents or grand-parents (such as vacation homes), investing in Timeshares is the next best thing. Millennials are also not so fond of long-term commitments. Additionally, they want their needs met, and they want them met quickly and efficiently. Most commonly known as the “selfish generation,” Millennials are definitely quick to switch to a completely different company if they don’t feel satisfied as a potential customer.
A lot more Timeshare companies are advertising more with social media in order to entice Millennials since demographics show millennials use them the most. Since they can get immediate gratification with the internet, if they can’t find what they are looking for quick enough, they’re gone. They aren’t as loyal as other generations and aren’t afraid to branch out and try new brands.
Also, Millennials are more committed to travel. When recently surveyed, those Millennials who are 30 years old and younger, reported taking on average 4.3 vacations annually, more than any other age group. Baby Boomers reported taking slightly more than 3 trips annually, and Gen Xers (from the early 1960s to the early 1980s) reported taking at least 3 vacations a year. Because of this, this has led to Millennial travelers to buy timeshares or vacation ownership. In fact, new timeshare owners are nearly 10 years younger than traditional timeshare owners.
Another reason Millennials are becoming more interested in timeshares, is they aren’t as into “cookie-cutter” vacations as their predecessors. They like to experience vacations, not simply go on one. Of course relaxing on the beach with a drink in hand is appealing to almost everyone, you can most likely find the Millennials snorkeling nearby or parasailing along the shore.
Millennials don’t place as much value on ownership. They tend to see more value in easy access to a place, than more value on the ownership as a whole. By purchasing a timeshare, Millennials can still take that quality vacation, but not have to fully invest in a second home.
Since Millennials are so technologically savvy, they do not have any issues with doing the proper research. In fact, nearly ¾ of Millennials extensively research the product online before any purchases are made. They also do not have a problem trying a product before they actually buy it. According to ARDA, 42% of new timeshare owners experienced the timeshare firsthand by renting before making a purchase. Since Millennials are known as “information seekers,” it’s rare that they would ever make a large decision without consulting Google or social media networks first.
RCI is a huge benefit for Millennials. Through this vacation exchange, travelers receive access to places all over the world, which makes this type of investment way enticing to a Millennial.
It is true that the Timeshare Industry sometimes gets a bad rap. Millennials are super thrifty, but love experiences. They value simplicity and they crave personal attention. With this said, high pressure sales, inflexible arrangements and long term commitments aren’t the type of things that Millennials want to deal with. They enjoy doing things on their own terms, and don’t like being told what to do. The Timeshare industry is headed in the right direction now that it is more online driven. This makes the Millennials feel more at ease and in control; the perfect mix for a timeshare purchase.