1.- I think some people will be doing the same things they are doing now and have always done. They are the dinosaurs and an asteroid is heading right for them.

2.- I think there will be both changes to the product and to the way it is sold/bought. Many people who own timeshare have stopped paying maintenance fees for something they bought 30 years ago and no longer want or need and someone 70 years old isn’t too worried about the credit bureau. So resorts too are looking for something else–they just don’t know what it is yet. As usual, creative sales teams are inventing new products as we speak. 

3.- Product: As happened in the early 90′s when the economy tanked, many large hotel companies are getting into the industry in one form or another. The new product will be “luxury” and good, “personalized” service for the masses.

a.- All inclusive hotel chains are now selling their own travel clubs to guarantee occupancy, finance future projects and lower future hotel sales costs. And the market likes this option.

b.- The product will change from “a room/suite” to a more experiential product that includes more services and activities. Hotels don’t need to legally commit their inventory under timeshare rules but more vacation club committment of not overselling available inventory.

c.- Not sure where this fits here or there but the product will not be “lifetime” since people don’t want to do much of anything for the rest of their lives. There will be limited-time programs with renewable options. 

4.- Sales: The old saying in our industry is that we sell the product–people don’t buy it. People don’t wake up saying “I have to go out and buy a timeshare today.” We capture them and sell them the idea that they need the product.

a.- Sales will be more by “attraction rather than promotion.” Spread the word and let people come. You don’t even need to invite them. Just let them know they are already invited if interested through social media, pre-arrival eblast and post-arrival suggestion.

b.- High-pressure, first-day-only incentive sales will disappear(from my lips to god’s ears!) & (except for the dinosaurs while they wait for the asteroid). I know of one company that already has a “Get to the point” offer to their hotel guests. No “90-minute (yeh, right!) tour.” If people want to know, take them in and give them the quick 30-minute (really!) pitch about why and how to buy/join if they are interested. There WILL BE be-backs.

c.- These changes in sales techniques are due mostly to real time social media and the huge amount of online information as well as the growing sophistication of the traveler and rapidly-evolving legal remedies for the consumer. Their will be more “buying” and less “selling.”

So what do the rest of you think? And who is going to save my predictions so we can check them out in 5 years???

Jim, I think you hit the mark.  With the ever changing consumer you can’t afford to keep a status quo mentality.  If you look across the board, company’s are looking at how to re invent their product to keep it new and desirable for todays consumers. Customer Loyalty and new product develoment is something that you have to be looking at constantly in order to stay in the game and increase your growth.

Five years from now it is my hope that the Industry as a whole will have figured out a way to address the relinquishment of timeshares from Owners who are either too old, too poor, or too ill to use them at the present stage of their lives.  This problem, and the unwillingness of Developers to address it head-on, is causing the gradual erosion of value, and worse – the PERCEPTION of value – in our product. 

Also, I hope to see a more varied product portfolio with something for everyone at every price point, from the Singles just starting out, to the World Class Travelers and Cruise Enthusiasts. 

I feel there will come a time, especially in the USA, where it will be near impossible for the ‘common man’ to vacation – UNLESS he owns a Timeshare product of some sort.

They should go to the legislature and have them pass a law that states all timeshares can be relinquished to the developer upon the payment of 3 years of dues.  It would be a win win situation.  The owner would get out from the liability nd the developer would get 3 years of dues within which they can resell it for full price.  This in turn would spur increased sales because owners could be assured they are not taking on a never ending liability.

I like Ricks idea it would be a lot easier product to sell if there was a guaranteed exit strategy.  Many developers are not looking to build new resorts any longer just to create affiliations with others to increase their inventory.  Letting someone pay on a week for five or six years and then reselling it with no new developments to support would be very advantgageous for all. 

I don’t think the sales process will change to much because regardless of how much all of us know about the secondary market most owners still prefer to purchase directly through the developer and not from someone else.  Most of these companies lower sales over the last few years were due to financing problems not necessarily lack of interest. We have 20 agents on my line and we have sold $1million dollars this week alone.  I doubt timeshare’s being sold on a be-back mentality is a smart idea at all and would fail miserably.

The only thing that will really change in the next five years is the variety of different products the developers offer and the transformation of more developers to the points model.