Why Aren’t Young People Aren’t Buying Timeshares?

Why Young People Aren’t Buying Timeshares or Vacation Ownership and Why It’s Cheaper to Pay as You Go

Timeshares and vacation ownership have been a popular way for people to secure vacation accommodations for decades. However, recent trends show that young people are not buying into this model as their parents and grandparents did. There are several reasons for this shift, including the availability of cheaper alternatives and the high cost of timeshare ownership.

Young people today value experiences over ownership. With the rise of the sharing economy, platforms like Airbnb and VRBO have made it easy and affordable for travelers to book accommodations on a per-use basis. This approach aligns with the millennial and Gen Z mindset of prioritizing experiences over material possessions.

Timeshares are often associated with high-pressure sales tactics and hidden fees. Young people are skeptical of these practices and prefer transparent pricing models. They are also more likely to research and compare prices before making a purchase, making timeshares a less attractive option.

The upfront cost of timeshare ownership can be prohibitive for young people who are just starting their careers and may have student loan debt or other financial obligations. The initial investment required for timeshare ownership can be several thousand dollars, which is a significant expense for many young people.

Timeshares come with ongoing maintenance fees and special assessment fees that can increase over time. These fees can add up quickly and make timeshare ownership a significant financial burden. Young people are more likely to opt for pay-as-you-go options that do not come with these additional costs.

Timeshares can be difficult to sell, and many owners find themselves unable to recoup their initial investment. This lack of liquidity is a significant drawback for young people who value flexibility and mobility.

Young people are more likely to travel spontaneously and may not want to commit to a specific location or time frame for their vacations. Timeshares can be inflexible and may not accommodate last-minute travel plans.

The COVID-19 pandemic has changed the way people travel, and many are opting for outdoor or socially distanced activities. Timeshares, which are often associated with crowded resorts and shared amenities, may not be as appealing in a post-pandemic world.

Young people are more environmentally conscious than previous generations and may be deterred by the resource-intensive nature of timeshare ownership. The construction and maintenance of timeshare resorts can have a significant environmental impact, and young people may prefer to support more sustainable travel options.

The rise of remote work has made it possible for young people to work from anywhere, and many are choosing to take advantage of this flexibility by traveling more frequently. Pay-as-you-go options allow for more frequent and varied travel experiences without the long-term commitment of timeshare ownership.

Finally, young people are more likely to prioritize their financial goals, such as paying off debt, saving for retirement, and building an emergency fund. The high cost of timeshare ownership may not align with these goals, and young people may prefer to allocate their resources elsewhere.

There are several reasons why young people are not buying timeshares or vacation ownership. The high cost, lack of flexibility, and inflexible sales tactics are significant drawbacks for a generation that values experiences, transparency, and sustainability. Instead, young people are opting for pay-as-you-go options that offer more flexibility, affordability, and alignment with their values.