The Timeshare Industry has emerged as the fastest growing segment in Australia’s tourism industry, and is being hailed as a crucial contributor to the continued survival of regional towns, from employment and…
The Timeshare Industry has emerged as the fastest growing segment in Australia’s tourism industry, and is being hailed as a crucial contributor to the continued survival of regional towns, from employment and training opportunities, to investment and development of Hotels and Resorts.
They are some of the key findings of the first major study into the economic significance of the $700 million a year Australian timeshare industry just released by the Australian Timeshare Ownership Council (ATHOC).
The (Gold Coast based) players in the Australian industry are Accor Premiere Vacation Club (APVC), who have invested heavily in Australia and New Zealand in 2005/06, Trendwest South Pacific, RCI, Interval International, Classic Holidays, Holiday Concepts and I.C.E Asia Pacific (cruise timeshare holidays).
The Economic Significance of the Australian Timeshare Industry report, compiled by the Australian Economic Consultants Group, highlights the importance of the industry, which employs 5900 people at 73 resorts throughout Australia and involves more than 125,000 owners to the economies of regional areas, and predicts further stellar growth in the coming years.
The report also finds that timeshare industry, has in place a code of practice, provides training and dispute resolution services and it finds only 6 per cent of owners are dissatisfied with timeshare, with the satisfaction rate in Australia now amongst the top rating in the world.
AEC group principal Carey Ramm said timeshare was becoming an increasingly important component of Australia’s tourism industry. “It is the fastest growing segment of the tourism industry, both nationally and globally, recording growth of 10 per cent per annum in each of the past five years, and employs thousands of workers, both directly and indirectly, across Australia’s regions,’’ said Mr Ramm.
“The growth potential of the industry cannot be underestimated, with a possible doubling-tripling in size over the next 10 years, going a long way towards meeting the need for accommodation in Australia. However, the industry needs to be taken seriously and its economic significance, particularly to regional economies, acknowledged.’’ he added.
ATHOC president Ramy Filo said that in line with the rising satisfaction levels, there had also been resurgence in the timeshare industry in Australia over the past 5-6 years. In the past six years the number of timeshare owners has increased by 50 per cent to more than 125,000, the number of resorts has increased from 57 to 73, and the average annual net sales of timeshare has grown to $173 million, said Mr Filo. And it’s those with higher incomes who are the buyers. Compared with all Australian households, timeshare owners are more affluent, with a distribution toward the upper income brackets.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
