Timeshare Operations Have Learned from the Credit Crunch

Timeshare Operations Have Learned from the Credit Crunch

Timeshare operations have learned from the credit crunch. According to a recent article in the Orlando Sentinel, the plummeting sales of timeshares have finally leveled off. Nationwide, timeshare sales have fallen from a peak of $10.6 billion in 2007 to $6.3 billion last year, according to figures released during the 12th annual Vacation Ownership Investment Conference held at the Peabody Orlando Hotel. Employment in the industry has fallen 30% from about 279,000 to about 196,300. Timeshare business was humbled as credit markets dried up in late 2008, but the industry's major trade group said the credit crunch that crippled the industry also helped change the way companies do business for the better. Marketing techniques have changed into more efficient tactics, such as selling more product (upgrades) to current owners and targeting prospects with higher credit scores resulting in higher closing percentages. Down payments are up, occupancy is steady at 80% and individual units are now selling at an average of $20,468 versus $16,278 in 2005. Financing is still tight, but it is easing up, but according to officials in the timeshare industry, it is still going to be awhile until we get back to the way it was three years ago when there was plenty of financing.

In addition, Interval International has released its U.S. Membership Profile. Interval International has revealed that its U.S. resident members reported annual household income greater than $125,000 per year, 88% are satisfied with their membership, 33% would like to purchase additional holiday time, and Interval International's U.S. members spend about 23 nights away from home, taken as leisure time. Also determined in the profile, Florida, California and Hawaii are the most popular destinations members said they wanted to visit within the next two years, with New York City the most popular urban destination. The Caribbean is the number one "international" favorite destination for US residents. An official at Interval International said, "The observations and insights drawn from this research reinforce the value our members place on vacationing. This study also represents the latest in Interval's continuing commitment to bring timely and consumer-centric research to the market." For more information, please visit http://www.TimesharesByOwner.com

POST COMMENT

How to Consolidate Loans and Credit Card Debt The Top 5 Types Of Credit Not To Use For Your Christmas Shopping Axcient Accepted Into the MSPAlliance Vendor Accreditation Program The Secret Weapon To Eradicate Credit Card Debt A Smart Idea For You May Be Bad Credit Personal Loans The Lowest Credit Card Interest Rates for You How to Rebuild Your Credit, the Best Card for You Where Do I Input My Credit Score Be Responsible, Not Afraid of High Limit Credit Cards Don't Choose the Wrong Credit Card - Watch Out What Will Benefit You The Most! Understanding Bad Personal Credit Loans and Investing Should You Get Involved With the Plastic Madness? Advice on Whether or Not Credit Cards Are for You What Is Credit Seeking And How Can It Affect Your Credit Score.