According to RCI, Vacation Ownership across the nation continues growing as sales reached approximately $8 billion in the U.S. last year. RCI now has over 3 million members!
A survey conducted by Ragatz Associates notes that the sales increase reflects a 116% increase from five years ago.
With nearly 1,800 timeshare resorts in 46 states, the timeshare industry also plays an increasingly prominent role in the American tourism industry.
RCI initiated the very popular global RCI Points program several years ago and it's popularity has contributed to the growth.
Many buyers who had in the past rejected the traditional one-week timeshare, are now buying at RCI Points affilated resorts because they like the ability to stay one day at a time and use points for airline tickets, cruises, hotels, car rentals and the like.
More information about RCI and timeshare growth here.
WHO THEY ARE, WHY THEY BUY, 1998 Edition
The following report, issued on the 20th anniversary of the first survey of resort
timeshare owners in the United States, is the ninth such survey since 1978.
Notable growth has occurred in the resort timeshare industry during this period as outlined below.
Timesharing: Now and Then
|
|
1978 |
1998 |
|
Annual U.S. Sales Volume |
Less than $300
million |
Nearly $3 billion |
|
Number of U.S. Owners |
Less than 100,000 |
More than 1.9
million |
|
Number of U.S. Resorts |
240 |
More than 1,200 |
Who They Are
Compared to all U.S. households, timeshare owners earn more (72.9 percent have incomes of more than $50,000, compared to only 34.3 percent for U.S. households); are older (75.3 percent are 45 years of age or more, compared to 52.1 percent); and are more educated (57.4 percent have a bachelor’s degree, compared to 24.5 percent).
- In 1978, the median household income of timeshare owners was about $23,000. It is now more than $68,000.
- Two-fifths (41.7 percent) of all current timeshare owners have household incomes of more than $75,000. Only 5.2 percent have incomes of less than $30,000, while 21.5 percent have incomes of more than $100,000.
- The average age of timeshare owners is 54 years.
- The majority (87.2 percent) of all timeshare owners is couples. 12.8 percent are single.
- Only 34.8 percent of owners have children younger than 18 years of age living at home.
Why They Buy
The exchange opportunity remains the most frequently cited motivation for purchasing a timeshare interval (84.2 percent), followed by being able to save money on future vacation costs (59.5 percent) and simply liking the timeshare resort, the amenities, and/or the unit (52.2 percent).
Satisfaction rates with the exchange opportunity are very high. Some 78.6 percent of owners express satisfaction with their exchange company, and 83.1 percent express satisfaction with their most recent exchange.
One-half (50 percent) of those surveyed own at seashore or ocean beach areas, followed by golfing destinations at 28.9 percent, snow skiing destinations at 20.7 percent, and lake or large river destinations at 20.3 percent. A high 28.8 percent of owners own timesharing at more than one resort."
