According to YouGov, 49% of young people consider traveling a priority. A study by the American Resort Development Association indicates that 57% of all timeshare owners belong to these new generations. Currently, AMDETUR encompasses 90% of developers and investors in Mexico's Vacation Property industry.
According to a market research study by YouGov and Business Insider, Millennials and Gen Z increasingly prioritize travel and vacations over other expenses. The study shows that 49% of respondents from these new generations consider experiencing new destinations to be a priority in their lives.
In response to these changes, the tourism industry has adapted to meet the expectations of younger tourists, who will soon represent the majority of travelers worldwide. This demographic has already reshaped the tourism landscape with shifts in destination preferences, experiences, digitalization, and consumption habits.
In this context, the Vacation Property segment has made efforts in recent years to stay ahead of these trends, becoming a popular choice among younger consumers. This is reflected in the industry’s growth in Mexico, where the Mexican Resort Developers Association (AMDETUR) reported that the Vacation Property industry closed 2023 with developers showing growth between 10 - 15 percent compared to 2022.
Recently, during the AMDETUR 2024 Congress, association members exchanged ideas on transformation priorities and adapting new vacation models for the coming years.
Mexico has been at the forefront of this evolution, partly due to major hotel chains integrating into this segment. Currently, 65% of sales are in the "Travel Club" concept, which offers more flexibility than traditional timeshares or Vacation Properties.
What makes this industry particularly attractive to new generations is the flexibility it offers in choosing locations, stay dates, and the opportunity to visit new or different destinations, providing a unique travel experience.
An ARDA (American Resort Development Association) study notes that 57% of timeshare owners are from these younger generations, highlighting "complete versatility" and "exchange possibilities" as their main reasons for acquiring a Vacation Property.
To continue this trend, AMDETUR members have prioritized the digital integration of their products, aiming to offer more customization options to enhance the customer experience and simplify processes
"We are aware of significant changes in how people travel. However, our added value lies in enduring aspects such as the search for family memories and relaxation time. That's why we've focused on offering a product that prioritizes and delivers the service experience our customers seek," said Rosario Rodríguez, president of AMDETUR.
Currently, the Association represents 90% of developers and investors in Mexico's Vacation Property industry, and the national growth showcases its members' commitment to innovation and evolution in response to changes in lifestyle and vacation preferences among new consumers.
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