The Future of Timeshares in a Post-COVID World
As you’re probably already aware, the COVID-19 pandemic had a widespread impact on the tourism industry. With most of the world sheltering in place and heavy restrictions on travel, timeshare owners could no longer use their properties for much of this past year. Increasing unemployment rates also meant that timeshares were becoming a financial burden for many people who could no longer afford to pay exorbitant annual fees.
Now that the world is slowly opening back up and looking forward to a new normal, travelers are eager to book their first vacations in a long while. With more people getting vaccinated every day, and rumors of “vaccination passports,” those in the travel agency are hopefully anticipating a new surge in business. After a tough year of business, travelers should expect to face even more determined timeshare sales agents on their trips. The multi-billion dollar timeshare industry will no doubt continue to put pressure on travelers to see the supposed value in vacation ownership.
Timeshare industry experts are predicting to see a few specific trends as the travel industry emerges from the pandemic. Not surprisingly, timeshare owners should expect to see an increase in fees to recoup the profits lost in 2020. Timeshare companies will also likely begin targeting younger generations, rather than baby boomers. These companies will need to reinvent their offerings to appeal to a younger generation that often prefers alternative accommodations like Airbnbs or boutique hotels. Inflexibility with timeshare properties has often been a complaint of owners, so companies may be looking to adjust their strict policies to allow for more choices.
Time will tell how the timeshare industry will truly change as a result of the pandemic, but we understand that not everyone can afford to wait for reform. At Interval Settlement Solutions, we understand the burden of owning an unwanted timeshare, so contact us today and let us help you break free of your contract.