According to VOASA, the traditional high demand holiday destinations remain the most popular – namely the beach, berg and bush. Due to the favourable climate, particularly on the east coast, timeshare beach properties are running at year-round occupancies in the 90% range with the bush and berg occupancies close behind.
And when it comes to the "cream of the crop" in accommodation, timeshare still offers more availability and choice. A study conducted by VOASA revealed that timeshare comprises 63% of the beachfront apartments in Umhlanga, 60% of the apartments in the Drakensberg and 70% of the apartments in the Hazyview / Kruger Park area.
VOASA has also observed a change in the travel patterns of timeshare owners and holiday club members.
"There is a notable decrease in the number of annual weeklong vacations with a preference for taking more frequent, shorter vacations. This is coupled with a growing demand for shorter term vacation ownership products. The dip in the economy has also led to a preference for destinations that are closer to home when taking vacations," explains Bosch.
Looking at the owner demographics, Bosch notes a definite shift towards greater ethnic diversity with a large attraction from the millennial market and more recent interest from Generation Z - who he says seems to be interestingly favouring the traditional timeshare products. Bookings and purchases from the baby boomer market are on a sharp decline and those that do still take vacations are booking smaller units during out of season periods in pursuit of more exclusivity.
Settling into 2019, timeshare sales remain positive, which is partly attributed to the steady growth of the timeshare rental market. This offers consumers an opportunity to experience the resorts first-hand through a rental vacation and most often leads to the purchase of a vacation product to secure future vacations at today’s prices.
"The timeshare industry is not without its current challenges, but we embrace the necessary changes for a better future. 2019 will see continuous reinvention in our products and services that are backed by an industry that is passionate about creating quality vacations for over 500,000 timeshare owners and holiday club members.
"This, we believe, provides us with the vehicle for change that will steer timeshare and shared vacation ownership into a very exciting future," concludes Bosch.
