New services, innovative technology, and one-of-a-kind experiences are driving the future of vacation ownership..
The American Resort Development Association’s (ARDA) Spring Conference is a premier event for the vacation ownership industry. As a sponsor of this year’s event in Orlando, Concord was thrilled to be part of the conversation about the evolution of vacation ownership. Here are a few of our key takeaways from the ARDA conference:
Inflationary headwinds highlight the value of timeshares.
As rising demand, along with inflation, has increased rates for hotels and other accommodations, timeshare owners are getting a new perspective on the value of a prepaid vacation. By locking in their vacation price now, they won’t have to battle rising rates in an unpredictable economy later. In this way, today’s inflationary headwinds are helping to make the case for timeshares as a vacation option with more predictable costs and less market volatility.
Flexibility is paramount for today’s timeshare owners.
Increased remote work continues to blur the lines between business and leisure travel. This is resulting in higher demand for vacations that feature longer stays (from two weeks to three months or more) and larger spaces. As travelers look to manage both work and play activities while traveling, they want the flexibility of home-away-from-home accommodations along with unique experiences. And this lifestyle isn’t just growing for families and couples – it’s also popular with remote workers traveling alone.
Innovation and technology are driving the Timeshare 2.0 evolution.
Today’s travelers are driving an evolution toward a much wider array of product offerings. Providers with an eye toward the future should be prepared to offer a full spectrum of travel services, including transportation, lodging, activities, and food and beverage. And as product offerings grow, so does the technology that’s available to enhance them. New software is driving increased data visibility and insights, and more efficient resort operations. It’s also enabling seamless digital booking and travel management services for a younger generation of owners.
Travelers are craving unique experiences more than ever.
The next generation of timeshare owner values exclusive perks and one-of-a-kind experiences above all else. To be successful, providers will need to create unique experiential travel opportunities, such as live or immersive events, behind-the-scenes experiences, and guided tours. Some properties are offering points that can be redeemed for event tickets, cruises, or adventure tours, while others are curating or creating their own personalized events and experiences.
Now is the time to build a strong, differentiated brand.
As the industry evolves to meet new traveler expectations and demands, creating a memorable brand with a consistent point-of-view will be key for long-term success. Building a unique point of view and value proposition can help your organization stand out in a crowded marketplace – and drive customer loyalty as well as sustainable future growth.
Wrap-up
The ARDA conference gave us a valuable opportunity to connect with leaders in the vacation ownership space and learn more about what’s ahead for the industry. We left feeling inspired about what the future holds for the timeshare business, from innovative technologies to new services and extraordinary travel experiences.
Concord is a leading loan servicing partner for the vacation ownership industry, and a long-standing supporter and member of ARDA. Jesus Calahorra, Vice President of Business Development, Vacation Ownership, is a member of ARDA’s Chairman’s League, and Shaun O’Neill, Concord president & CRO, is an ARDA trustee.
