Press release
The U.S. Vacation Ownership Market to Reach $15.32 Billion by 2028 - Arizton
US-vacation-ownership-market
The US vacation ownership market to reach USD 15.32 billion by 2028. The growing trends in the U.S. vacation ownership market are high occupancy rates and virtual reality & augmented reality in the vacation ownership industry.
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Vacation ownership is a shared ownership model of vacation property where multiple owners have an exclusive right to use a property for a period. Furthermore, owning vacation ownership also means the owner has the right to sell it. Based on owner type, the market is segmented into Generation X, baby boomers, millennials, and the silent generation. In 2022, the Generation X segment was the largest and accounted for a share of 36.69%, followed by baby boomers, millennials, silent generation, and others with 27.61%, 17.66%, 10.73%, and 6.37% shares, respectively. The millennial segment is expected to grow significantly in the near future. The US vacation ownership market is popular due to Gen X and baby boomers. However, millennials and Gen Zs are anticipated to drive the US vacation ownership market in the upcoming years.
Market Trends & Opportunities
High Occupancy Rate
Hotel occupancy rate is a key performance indicator in the hotel industry. It represents the percentage of a hotel occupied or an average percentage of several hotels' occupancy within a region. In 2022, U.S. occupancy gains and rate performance outpaced that in 2021, supported by health and leisure travel demand. In 2022, the occupancy rate increased to 82.6% and exceeded pracademic levels of 80.8%. Furthermore, in March 2022, the revenue per available room (RevPAR) increased compared with 2019 levels.
Virtual Reality & Augmented Reality in the Vacation Ownership Industry
AR helps an individual experience the virtual elements in the real physical world. The technology is valuable to the hospitality industry since hotels fundamentally sell a physical environment that can be augmented through AR. Moreover, the significance of technology in the vacation ownership industry increased in line with the shift in target demographics. Millennials are the dominant consumer generation, likely to employ digital technology and invest in VR and AR devices. AR and VR have gained considerable momentum and are expected to provide new growth opportunities in the U.S. vacation ownership market.
Significance of Point-Based Vacation Ownership
A point-based timeshare is a progressively popular alternative to owning a traditional, fixed week. It offers flexibility and convenience to owners, who can plan their vacations according to their preferences. A point-based timeshare is also obligated to exceptional customer service, personalized concierge services, and hotel and dining selections granting vacationers maximum enjoyment from their investments. Point-based timeshare gives an opportunity to members to explore destinations globally.
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Geographical Analysis
The Southern US holds a significant share of the US vacation ownership market due to the presence of the largest population base, resulting in significant domestic traveling, presence of rural areas, and growth in the real estate, tourism, and hospitality sectors, generating a high demand for vacation ownership in the region. In 2022, the region had the largest population in the US at over 128,716,192. The region's considerable surge in disposable income creates a high demand for vacation ownership. In 2022, the South US vacation ownership market accounted for 46.86% share and is expected to witness an absolute growth of 61.88%. The region has several states, including Alabama, Arizona, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Florida is one of the most popular states in the US for vacation ownership. Presently, there are over 500 timeshare resorts available in the country. Florida is one of the most popular tourist destinations in the region. In 2022, there were 36 million total visitors in the country, according to Florida Governor Ron DeSantis. The government of Florida passed a proposed budget that includes $50 million to fund Visit Florida's tourism marketing efforts during the fiscal year 2022-2023. The Northwest Gulf Cost part of the Florida Panhandle offers diverse activities in Northwest Florida. Florida Panhandle is the northwestern part of the US state of Florida.
Furthermore, Destin, a city in Florida, is known for fishing due to its emerald-green waters. Panama City offers kiteboarding or dolphin watching or several golf courses. East Central Florida offers a variety of water activities. Cape Canaveral offers Jetty Park with public boat ramps, a 24-hour fishing pier, and views of whales and manatees during the right season. Other places include Daytona Beach, New Smyrna Beach, Atlantic Center for Arts, Flagler Avenue, and the historic Canal Street.
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Key Company Profiles
Wyndham
Marriott Vacations Worldwide
Hilton
InterContinental Hotels Group
Disney
Bluegreen Vacations Holding Corporation
Exploria Resorts
Breckenridge Grand Vacations
Westgate Resorts
VI Resorts
Somerpointe Resorts
Capital Vacations
Expectations Club
Royal Holiday
Raintree Vacation Club
Multi Resort Ownership Plan
Royal Aloha Vacation Club
Landex Resorts International
Market Segmentation
Type: Timeshare Ownership, Fractional Ownership, and Club Ownership
Occupancy: Owner Guest, Renter, Exchange Guest, Marketing Guest, and Vacant
Owner Type: Generation X, Baby Boomers, Millennials, Silent Generation, and Others
Region: U.S. (South, West, Northeast, and Midwest)
Key Questions Answered in the Report:
How big is the U.S. vacation ownership market?
What is the growth rate of the U.S. vacation ownership market?
What are the growing trends in the U.S. vacation ownership market?
Which region holds the most significant U.S. vacation ownership market share?
Who are the key players in the U.S. vacation ownership market?
Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/us-vacation-ownership-market
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About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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