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Timeshare Consumers Association

Timeshare in Europe - 2004

- an industry at the cross roads

A summary

 

The timeshare industry in Europe is at the cross roads - if it fails to take prompt action to remove anti-consumer practices the current decline in business could be fatal.

 

• Consumer confidence in timeshare in Europe has collapsed. Many consumers now regard timeshare as a scam, resulting in a major downturn in new sales.

• A substantial proportion of owners are trying to get out of timeshare because of dissatisfaction with increasing costs, failed promises and age.

• Owners are being driven out by developers eager to realise the enhanced real estate value of the property.

• This has resulted in the number of timeshare owners in Europe in 2004 being fewer than in 2000 - a reduction which is in stark contrast to the United States where owner numbers are still on the increase.

• The industry has failed to respond to quality and price competition and blames external factors outside its control for the downturn in business.

• Half of the accommodation previously designated for timeshare use is now used for purposes other than timeshare

• Fraud is endemic and now accounts for over 20cents in every _ spent by consumers.

• The industry has continued to ignore the warning signs for many years and is still making no real attempt to remedy the faults that are causing the industry decline

• Further legislation to protect consumers is unlikely to be effective and could actually accelerate the decline.

"Europe's market is flat and, in some cases, down, and the future business opportunities will be found in China and even in the Middle East"     (Craig Nash, Chairman and CEO, Interval International - October 2004)

It is difficult to dispel the notion that the timeshare industry in Europe has dedicated the last 25 years to the systematic "milking" of consumers and is now reaping the rewards.

 

Full report:-

• PDF    filetype (39 pp)

To download the full report Right Click on "PDF" and "Save Target As...."

 

November 2004