Time to beat the credit crunch with timeshare?

More than half of people in the UK plan to forgo an overseas holiday, new research shows

The ongoing global credit crunch, a cooling property market and inflation have resulted in the majority of people viewing holidays as a luxury purchase, with only 17% of the population seeing them as a ‘necessary’ spend, according to the study.

The findings from timeshare company RCI and Mintel suggest worrying times ahead for the travel industry.

The poll of more than 2,000 people to find the ‘Lifetime Value of a British Traveller’ showed that the average person went on two holidays a year, each lasting one week. This generated a total spend of £665 on accommodation – equating to £39,900 across a lifetime.

On average, Britons spend 840 days holidaying abroad.

But RCI claims that it can deliver the same holiday time to its members at a saving of more than £23,000 on average per person.

A timeshare owner will spend an average of £15,175 on holidays of the same duration in their lifetime.

The company’s exchange network may allow members to exchange their RCI Points or Weeks for holidays at over 4,000 affiliated resorts worldwide.

Business development senior vice president Brett Archibald said: “During the credit crunch, timeshare represents increasingly good holiday value and although many Brits may be forced to cut back, members can rest assured that they have budgeted in advance for a well-earned holiday.”

by Phil Davies