Timeshares are always thought of as an older person’s purchase, but as millennials have overtaken baby boomers in the workforce, so has their spending power. Meaning the timeshare industry must look for new ways to attract the next generation of travellers.
If they fail to capture this market it could mean an end to the already dwindling timeshare industry. Diamond say millennials now make up their fastest growing membership demographic. Hard to believe when you consider the fact that timeshare has a horrible reputation and millennials spend much more time online then the elder generation and more likely to be aware of the pitfalls of ever entering into the world of vacation ownership.
The timeshare industry know that their survival relies on enticing millennials into their vision of endless vacations and spoilt for choice locations. But is the industry capable of living up to what it promises its customers. Well, with 85% of timeshare owners stating they are unhappy with their timeshares it seems unlikely unless the whole industry undergoes a complete facelift and stop pressure selling people into lengthy expensive contracts.
Diamond resorts say they are up for the challenge and are expanding their offerings with Destination Xchange program, whereby members have the ability to exchange ownership for a variety of different destinations and types of accommodation. They say millennials want choice, and they have the right recipe to satisfy a millennials appetite. They have also launched Diamond Live Concert Series, where members have access to a once-in-a-lifetime experience, like meet and greets with celebrities. Diamond believe that by revamping their points system members can customise their own experiences and get the most out of ownership. This sounds great; however, points systems are not always as easy to use as the resorts will have you believe. We here from many owners, daily, how they entered a points holiday program, only to find it hard to use, difficult to book, terrible availability and not what they were promised. Typically, when a person complains to the resort, they will be told they need to purchase more points in order to access greater opportunities, and so starts and endless cycle of upselling. So, before you are enticed into a sales presentation, do your homework, go armed with questions and never feel pressured into purchasing on the day. No-one should make an important financial decision on a whim, 9 times out of ten you will regret it.
Consider this before purchasing holiday points:
Before purchasing any points-based holiday product, do the math! Can the amount of points purchased provide you with the holiday you want each year, without having to purchase additional points you did not budget for?
Can you gain access to the types of locations and facilities you want to visit when you want to visit them? There are too many holiday club members who report being unhappy with the standard of accommodation using their annual points allowance. There are even reports of people being unable to book a specific week during peak season, despite having two years of accumulated points.
Research any company or organisation you are investing your hard-earned cash in. It is important to note that points owning members enjoying the highest levels of satisfaction generally have a good understanding of how to get the most out of their products.
New and exclusive developments are sure to attract many new customers seeking a unique holiday experience. However, many are persuaded to purchase ‘points-based’ holiday products, which are often non-refundable, non-transferable and with virtually no resale value. In addition to this, you will face mounting maintenance fees.