TS Today - Creating a Vision for the Future of Vacation Ownership Issue #142, Jul/Aug 2015 | Page 31

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TimeSharing Today

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The Evolving Marketplace
To survive and thrive in the future,
timeshare resorts must cater to the Millennials (people born from 1984 to 2002) who
will become an increasingly large share of
the market in the decade ahead.
So said Scott J. Smith, Ph.D., an
assistant professor at the University of
South Carolina, and Jeffrey T. Weinland,
Ph.D., a faculty member at the University
of Central Florida’s Rosen College of
Hospitality Management.
Smith reported on his research study of
Millennials. By 2020, they will have most
of the money, and by 2025, they will be 75
percent of the workforce. Millennials “are
a different cat altogether,” Smith said. This
creates challenges and opportunities.
Earlier generations take pride in ownership. Millennials don’t. They borrow, rent,
or share. Sixty percent of Millennials would
consider Airbnb, a Web site through which
people can rent lodging.
“Timeshare created the shared economy,” Smith said. “Millennials think
that’s cool. Leverage sharing, but modify
your product from the traditional week to
whenever. Figure out how to operate more
like Airbnb.”
Millennials work and vacation simultaneously (and maybe go to school, too).

They may check into a timeshare resort on
Wednesday for two days, or three months.
Thanks to cell phones and Wi-Fi, they
don’t need a physical work location. They
can be [