Timeshares have earned a reputation as popular among the baby boom generation. However, with the constant bad publicity the industry faces, some of the bigger timeshare resorts are turning their attention to a younger audience in an attempt to keep the failing industry from dying out.
Mike Flaskey Diamond Resorts CEO has been trying to change the perception of timeshares, and persuade Millennials, that timeshare is the way to travel in style.
He was asked in a recent interview, how is the timeshare industry transforming? “It’s been great, the American people are working, travelling. Travel has been at the forefront of looking at the next generation and how we get them involved in our product. For years, the Baby Boomers have been the core demographic of the vacation industry. We have created some cool new products that are short term. They can walk away from it after ten years. And we are seeing record number of folks coming in from the millennial demographic.”
What is the ‘Next level experience’ at Diamond all about? Flaskey said: “We have over 3,500 live events last year. So when our members come on vacation they actually get to do these cool experiences that money can’t buy. And with implementing these experience into the model we are seeing traction like we’ve never seen before.”
When asked about the number of people taking vacations, Flaskey said: “Record numbers of people are taking vacations. The great thing about vacations is that people take them when times are bad and when time are good. But they are taking them now at rates we have never seen before.”
Diamond Resorts’ new business model is firmly set on the next generation of travellers, and by targeting millennials with lower commitment timeshares and experience driven holidays they believe this is the way to do so. Millennials may love to travel but timeshare doesn’t exactly fit with a generation who value freedom, flexibility and minimal commitment.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.