The American Resort Development Association (ARDA) recently released its 2016 Worldwide Shared Vacation Ownership Report for its research brand, the ARDA International Foundation. In it, the association declares the global timeshare industry to be continuing its rapid growth in key markets around the world. With both timeshare sales and occupancy rates on the rise, more and more vacationers appear to be interested in the vacation ownership model as new advances in the industry take hold.
ARDA’s report signifies continued growth in the area of sales. With several years of steady growth, the industry saw a jump of sales from $17.7 billion in 2014 to $19.7 billion in 2015, an increase of 11.5%. What’s more, occupancy rates of vacation ownership units also increased in kind. 76.4% of timeshare units were occupied in 2014, with 2015 seeing a short rise to 79.4%. Combined with 5,400 vacation ownership resorts spread among more than 120 countries, the increase in timeshare sales and occupancy rates are accompanied by an growth in diverse products and experiences.
Another key area of growth lies in the job market. The global timeshare industry supported nearly 1.3 million jobs in 2015, spread throughout employment directly at resorts as well as in supply chain environments. The industry as a whole generated $57 billion in economic output, contributing to global economies all over the world.
Howard Nusbaum, the president and CEO of ARDA, touted the importance of the industry’s growth: “It is clear that the global timeshare industry is healthy and growing. Vacationers around the world understand the value proposition timeshare provides. The flexibility of the product gives owners endless vacation destinations and options around the world, more space and privacy while on vacation including kitchens and separate living and sleeping rooms in most units, and the value of knowing they can expect this enhanced vacation experience each year.”
The jump in timeshare sales and industry growth is also a welcome sign for the resale and rentals markets. In accordance with the industry’s growth in popularity, ARDA indicates that 91 new resorts will bring an estimated 7,300 new timeshare units in 2017, adding to resale and rental options for prospective buyers. With the opportunity to claim timeshare ownership suites affordably and conveniently, the increase in vacation options for travelers will also present owners with a greater opportunity to sell their vacation ownership.