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| WASHINGTON, April 12, 1999 - The American Resort Development
Association (ARDA) today released a market analysis of the United States
Timeshare Industry that found that the industry continues to grow at the
same strong pace that it has enjoyed over the past few decades. The domestic
industry grew by 12.4% in 1998 and by nearly 1,000% since 1980 making timesharing,
or vacation ownership, the fastest growing segment of the travel and tourism
industry.
The United States continues to be the world leader in vacation ownership with over 2 million owners. In 1998 alone, more than 300,000 American families discovered that vacation ownership was the new way to vacation. There are more than 1,600 resorts in the U.S. and domestic sales are estimated at $3.06 billion. Vacation Ownership has become the vacation option of choice among baby boomers. The average age of today's timeshare buyer is 49 years old. It is estimated that more than 75 million Americans will turn 50 during the next 20 years. With the largest concentration of vacation ownership's key demographic coming of age over the next twenty years, the timeshare industry can expect continued sustained and significant growth. "More and more American families are discovering that vacation ownership is both an affordable and desirable way to vacation. When you add it all up, it makes a lot of sense," noted incoming ARDA Chairman Robert "Bob" Miller. "The growth patterns that the industry has experienced and the coming of age of baby-boomers tell us that the timeshares will continue to be the vacation option of choice for many years to come." ARDA also reports that a separate survey of 2,653 owners found that vacation ownership enjoys high approval ratings from its owners and is achieving remarkable levels of consumer satisfaction in the hospitality industry. Over 85% of timeshare owners report that they are satisfied or very satisfied with their vacation purchases. "Vacation Ownership offers the quality, flexibility, and affordability
that people are looking for in their vacations,"said ARDA President Cynthia
Huheey. "The quality of accommodations, convenience of exchange, and the
affordability of ownership makes timeshares an attractive and popular purchase
for Americans today."
The 1998 sales figures were calculated by the American Economics Group, which is located in Washington, DC. As the professional association of the recreational real estate, resort and vacation ownership industry, ARDA represents more than 1,000 companies and 4,000 resorts worldwide. Members include second-home resorts, community development properties, vacation time share resorts and fractional interests. |
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