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Darla S. Zanini RRP Executive Vice President . Agenda. Understanding key generations Travel trends by generation Approach to planning travel Vacation rentals Connecting with consumers. Understanding Generations. A Generational Snapshot. WWII vets dying at a rate of 600 per day . - PowerPoint PPT Presentation
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Darla S. Zanini RRP
Executive Vice President
Agenda
Understanding key generations Travel trends by generation Approach to planning travel Vacation rentals Connecting with consumers
Understanding Generations
A Generational Snapshot
Silent Baby Boomers Generation X Generation Y1926-1945 1946 – 1964 1965 -1982 1983 - 2001
68 – 87 years old 49 – 67 years old 31 – 48 years old 12 – 30 years old
35 million 78 million 55 million 84 million
12% of population 26% of population 18% of population 28% of population
Security Individuality Self-reliance Duty
Self-sacrifice Self-fulfillment Balance Complexity
I owe it I deserve it I need it Because I canWWII vets dying at a rate of 600 per day
Every day 10,000 Boomers turn 65
Currently the dominant family-rearing generation
First millennials turn 30 in 2013
Silent GenerationDefining Events• Farm Life• Great Depression• New Deal• World War II• GI Bill• Korean War
Values• Discipline• Hard Work• Dedication & sacrifice• Respect for authority• Duty before pleasure• Honor• Patriotism• Loyalty
Baby BoomersDefining Events• Civil rights & women’s rights• Rise of communism• Space travel• Political assassinations• Woodstock• Vietnam War & the draft• Watergate
Values• Optimism• Teamwork• Conformity• Opinions• Personal gratification• Personal growth• Work/jobs
Generation XDefining Events• High divorce rates• Gulf War• Space Shuttle Challenger• Political assassinations• AIDS epidemic• The mall• Internet
Values• Family• Self reliance• Entrepreneurialism• Fun• Informality• Convenience• Balance
– Work to live, not live to work
Generation YDefining Events• Columbine• Oklahoma City bombing• Instant access technology• Clinton - Lewinsky• 9/11 • Mid-East wars & terrorism
Values• Optimism• Individualism• Self-confidence• Achievement oriented• Respect for authority• Respect for diversity• Integrity• Drawn to civic duty• Education
Travel Trends by Generation
Mature Travel Trends• Rural America• Historical appreciation• Botanical• Luxury birding• Extended stay
Baby Boomer Travel Trends• Vacation clubs• Open road• Grandtravel• Exotic destinations• Second honeymoon• Fantasy camps
Generation X Travel Trends• Ritual free• Functional hotels• On the fly• Camping• Ruggedless adventure• Babymoon• Girls only
Generation Y Travel Trends• Destination status• Voluntourism• Green• Short burst• Indulgent extras
One Word…
Internet
Silent & Boomers• Established online players versus user-
generated content for research• Boomers more comfortable than Silents to
make online purchase• First generation travel Web sites for booking
travel• Still want the option to talk to a human with
questions and concerns
Gen X and Gen Y• Web 2.0 – want to know others’ experiences• Enjoy booking travel themselves• Treasure hunt for best deals• Tend to window-shop
Blogs• 3,796 Tourism• 6,048 Vacation• 56,253 Travel
– 5,169 family travel– 1,490 adventure travel– 1,096 beach travel– 374 leisure travel– 284 golf travel– 219 exotic travel– 160 eco/environmental travel– 72 culinary travel– 51 historical travel
Vacation Rental
Income Sources % of Income
Maintenance Fees 76%
Unit Rental 17.0%
Housekeeping 2.0%
Developer Subsidy 1.0%
Food & Beverage 1.0%
Special Assessment 1.0%
Other 2.0%
Resort Income Sources
Source: State of the Vacation Timeshare Industry: US Study 2013 Edition produced by Ernst & Young for ARDA International Foundation
2008 2009 2010 2011 2012
% Rent 77% 85% 82% 86% 74%Nights Rented 8.25 M 8.4 M 7.9 M 10.4 M 9.6 MAvg. Price $170 $153 $156 $162 $163Total Revenue $1.40 B $1.29 B $1.23 B $1.68 B $1.60 B
Rental
Source: 2013 State of the Vacation Timeshare Industry: United States Study, produced by Ernst & Young for ARDA International Foundation
Online Vacation Rentals
US travelers booked $23 billion in vacation rentals in 2012
7% of US travel market
1/5 of lodging market
US timeshare resort rentals totaled $1.6 billion in 2012
Source: 2013 The Rise of U.S. Online Vacation Rentals produced by PhoCusWright
Online Growth
2007 2012
12%
24%
Source: 2013 The Rise of U.S. Online Vacation Rentals produced by PhoCusWright
Online Vacation Bookings
By 2014, 3 in 10 US dollars spent on vacation rentals will be booked online.
Source: 2013 The Rise of U.S. Online Vacation Rentals produced by PhoCusWright
VRMCs
< 1 in 2
7 in 10 2012
2008
Percentage of VRMCs that offer live online booking
Source: 2013 The Rise of U.S. Online Vacation Rentals produced by PhoCusWright
Everyone Shops Online
Nearly 3 in 4 vacation rental guestsshopped for a rental online in 2012
15% of vacation rental guestsshopped for a rental on a mobiledevice
Source: 2013 The Rise of U.S. Online Vacation Rentals produced by PhoCusWright
Connecting with Consumers
Take Action Today• Establish a rental program• Searchable website• Mobile friendly• Social Media presence• Engage your owners and guests
THANK YOU!
www.aif.org
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