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Millennials are investing more in Timeshares for vacation - YouTube
Channel: Yahoo Finance
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sandwich before the end of the week hope
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you got one already welcome back to on
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the move I'm Julie Hyman well most
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Millennials aren't shy about their love
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for travel and in some surveys they
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admit they're willing to spend the money
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to get a top-notch experience so where
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are they making that kind of investment
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timeshare ownership appears to be one
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choice joining us now is Mike philosophy
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the CEO of Diamond Resorts International
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it's a timeshare company so are you
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saying most of your customers I
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personally think of timeshares as more
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of a boomer or an act Generation X kind
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of a thing are you seeing more younger
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people get into it well we've kind of
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led the industry in focusing on
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experiential vacations so what we've
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done is we've gotten heavily involved in
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music and entertainment and so what we
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found is is the millennial demographic
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if you can give them that experience in
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addition to the real estate look we've
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got 437 resorts around the world but
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it's that key experience or model that's
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bring how does that work exactly explain
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to me like an example so if you own with
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Diamond Resorts let's choose Reggie
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Jackson we're in New York New York
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Yankees so Reggie bases in Tampa and we
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take 12 to 15 families a day for the
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home New York Yankees spring training
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games
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Reggie hosts them takes them on the
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field for batting practice sits in the
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suite for nine innings with them answers
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questions takes pictures and then the
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next day they come in and they meet with
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us and they breathe you potentially
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buying a timeshare and we're seeing that
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our close rates nearly double when we
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put them through those experiences
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interesting well it's no surprise to me
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that experiences are a big factor that
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Millennials are looking at people want
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shareability they want to be able to
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post throughout their vacation on the
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Instagram but they also want flexibility
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I would think so you don't want to be
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posting the same things over and over
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again so how has that shaped buying
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patterns that you're seeing
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well our product is a points product
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it's not a traditional fixed week
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product and with this points currency
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they can use it on a daily basis they
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can use it for airline tickets they can
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use it for hotels or they can use it for
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the traditional timeshare or they can
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use it to go do these really cool
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experiences like we're talking about so
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that piece of it is what creates the
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flexibility dynamic that is attractive
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and look with us we've actually seen a
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25% increase in millennial buyers on a
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compounded annual growth
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right now for three years in a row so
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it's pretty exciting so on the
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experience side after you've made the
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initial sale and closing because
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providing a and a very different
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experience than what some would get how
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do you keep them engaged how do you make
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sure that they don't get dissatisfied in
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the future right well we do over 3,000
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of these special unique events in our
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events of a lifetime platform annually
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so what we do on our website is they
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have a password-protected website that
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they can log into and there is an entire
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you know outline of dates and a schedule
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of various events it may be PGA Tour
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golf it may be a culinary experience
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it may be climbing Mount Kilimanjaro it
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may be we do 125 live concerts with the
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likes of cole swindell lee Brice sister
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Hazel you know Lauren Alaina so at our
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resorts when they're on vacation they
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actually can in and get involved in
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these things Mike I want to ask you
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about resale because that has been a
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challenge for the timeshare industry and
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I say this anecdotally frankly because
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my parents my dad still owns a timeshare
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and he said it's difficult if you want
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to get rid of the thing say that you've
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gone into your retirement years you
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don't want it anymore
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your travel patterns have changed
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they're the resale market for this stuff
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is not super robust significantly better
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than it used to be because the credible
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developers now have a program like we
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have transitions where they can reach
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out to us if they fulfilled their
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obligations they've done what they said
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they were going to do they've paid their
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bills their current and their lifestyle
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has changed kids have moved out if they
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reach out to us we have a program that
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will work directly with them to help
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them exit so what what's your favorite
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experience out of your offerings well
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I'm a music guy so I absolutely love
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music and what we're able to provide our
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members to get to come see a Cole
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Swindell who you know had eight
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number-one hits on the radio in a row
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and he plays in front of 18,000 people
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in an arena or he comes to our place and
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plays in front of 250 that's my favorite
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yeah alright Mike thanks for coming to
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my class Casey oh
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