The global forecast is ‘sunny skies ahead’ for vacation ownership, and particularly for the South African market.
As a dynamic industry that is diverse in its makeup and formidable in size with over 5 300 resorts in 121 countries and supporting nearly 1.3 million jobs, it is safe to say that vacation ownership has become an economic force that is steadily rising. These are the findings of the latest global omnibus survey conducted by Oxford Economics and Leger, and released by the American Resort Development Association (ARDA) International Foundation.
Of the 18 countries surveyed, South Africa ranked among the top 8 where acquisitions of vacation ownership from new sales continues to be strong. South Africa also ranked the 5th highest country for vacation ownership, and 4th in terms of future purchase interest.
The Vacation Ownership Association of Southern Africa (VOASA) spokesperson, Alex Bosch, said: “Consumers like the physical product. They enjoy and appreciate the larger home-away-from-home accommodations with kitchens, laundry facilities and separate bedrooms. But, the growth of vacation ownership goes beyond this, making it as much about creating memorable vacation experiences as the accommodation.
“This is a vacation lifestyle that appeals to a wide demographic. There are half-a-million vacation owners in South Africa who love the portfolio of resorts, they appreciate the value proposition that vacation ownership provides and they enjoy the commitment that it brings to rejuvenating themselves and spending quality time in memorable destinations with their loved ones”.