"Tourists don’t know where they’ve been, travelers don’t know where they’re going."
- Paul Theroux

WORLD OF TRAVEL

Views and Interviews

April 2024

Industry Awareness Feature

Short term plans for Millennials

In this interview, we feature insights shared by Sandeep Mehta, Managing Director of Ananta Oorjaa Enterprise Private Limited, and Honorary Treasurer at AIRDA. Sandeep highlights key aspects of transformation in vacation ownership models and the need to adapt to the modern preferences of younger audiences and customers.


Some of the earliest timeshare business models offered customers a fixed vacation option where individuals could use one assigned week in the year at a resort property. These subscriptions have traditionally been long-term plans of 20 to 25 years. Over the years the timeshare and vacation ownership landscape has evolved significantly. Timeshare now caters to the preferences of a fast-growing demographic - emphasizing flexibility, adaptability, and personalized experiences. With alignments to younger target groups, the industry is also undergoing a transformative shift to meet the evolving needs of modern lifestyles.



Why younger customers opt for short-term timeshare plans


Their world of dynamic lifestyles calls for flexibility 
Millennials are known for their dynamic lifestyles. They value flexibility and adaptability and may not be comfortable with long-term timeshare plans – especially when life events, career changes, family growth, or personal goals remain uncertain.



This segment typically looks for options that allow them to adjust their travel plans as circumstances change. They also approach long-term commitments with caution – and opting for shorter-term plans allows them to evaluate their choices periodically. That’s why five-and-ten-year plans align better with their desire for short-term commitments.

Their world of diverse experiences calls for variety
Millennials thrive on variety. They want to explore different destinations, cultures, and activities. A shorter timeshare commitment allows them to switch things up more frequently. Imagine spending five years enjoying beachfront resorts, then transitioning to mountain retreats or urban escapes. Millennials crave diversity, and shorter plans facilitate that.



Their world of “here and now” calls for financial rejigs
While millennials prioritize travel, they also face financial realities. Committing to a 25-year timeshare often involves substantial upfront costs and annual maintenance fees. Shorter plans provide a more manageable financial burden. Millennials can allocate their resources strategically, balancing travel expenses with other financial goals.

Their world of changing lifestyles calls for closer product alignments
The timeshare industry is adapting, and developers recognize the demand for flexibility. As a result they offer more options, including shorter membership plans. Millennials appreciate this shift and actively seek out timeshare programs that align with their preferences.



Timeshare ownership isn’t about locking oneself into a rigid structure anymore. Millennials appreciate the benefits of vacation ownership but prefer plans that fit their dynamic lives. Whether it’s a beach week every year or a ski trip every winter, shorter timeshare commitments allow them to embrace the joy of travel without feeling tied down.

As a final word of advice, Sandeep Mehta feels it is important for customers to check on annual maintenance charges, exchange fees, and other billables before they pick a timeshare plan. He also feels it makes sense to take two or three short breaks instead of just one week in the year.


Useful Links


Image credits:Images licensed from Freepik


Content Disclaimer: The views expressed in our interviews and stories do not necessarily reflect the official policies, practices and guidelines of the All India Resort Development Association, or its members. These views are based on personal experiences, private opinion, or open source information. Images used here are either paid-for stock photos, images shared by the people we interview, or images under one of the open source licenses such as Creative Commons and others. For some of our features we acknowledge the use of AI referencing and writing inputs from Bard (Google) and Bing/Edge (Microsoft). We also acknowledge the use of publicly available AI assistants to generate relevant images for our feature stories.

Here’s a link to some recent interviews done by us on the AIRDA website

Virtual Tours

Welcome to AIRDA's virtual tours gallery - an initiative to provide an enhanced visual experience of our member properties.



If you would like to see how 360-degree panorama can work for you and give your customers an enhanced visual experience, please get in touch. Write to us at info@airda.org for more information.


Membership

Benefits for Resort Owners

What does an AIRDA membership mean to resort owners and developers? AIRDA comes in as your industry partner, conscience keeper and business catalyst - with a wide portfolio of support services.

Benefits for Consumers

What does AIRDA mean to holiday seekers and prospective customers? AIRDA comes in to provide information and offer guidelines on making the right timeshare decisions.

Get in Touch

Email: info@airda.org
Phone: 080 41255007 / 08

Address

No. 582, 1st Floor,
6th Cross, 11th Main,
HAL 2nd Stage,
Near Indiranagar Club
Bangalore – 560 008