Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- One of the major pieces completing the travel industry structure includes the 'Hospitality Segment' which stands out as a significant and important sect of the overall travel industry. Hospitality sector in itself comprises of various sub segments like lodging, vacation exchange and rentals, and vacation ownership.
Vacation ownership, also known as timeshare, continues to lead in the hospitality and leisure industry with steady growth, as a large part of the industry's constant innovation developed in response to consumer lifestyle needs and vacation preferences. Also, the timeshare product can take one of several forms - fixed week, floating week or membership; however, the basic premise of owning time in a resort or group of resorts remains the same.
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This sector was once dominated by private developers selling one-week fee intervals, but now includes publicly-traded hospitality companies actively developing a full range of offerings at different price points in resort and urban destinations. An increase in the factors like occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR) have made significant contribution to the growth of the industry.
The key factors driving growth of the global vacation ownership industry include rising number of HNWI and employed population, growing demand for leisure and recreation, increasing internet penetration, ameliorating global economic condition and zealous international tourism in the US. Some of the noteworthy trends and developments of this industry are enhanced buyer's protection, shifting profitability from hotel stays to timeshare buying, growing popularity for eco-friendly timeshare resorts and fast pace recovery of respective industry in the developed markets after recession. However, the growth of vacation ownership market is hindered by a number of factors including stringent government regulations.
The report offers an analysis of the vacation ownership market. It discusses major market trends, growth drivers and challenges. The market for vacation ownership is personified by intense competition, with numerous large and regional players competing on the basis of quality and location of timeshare resorts, flexibility of usage, and other services offered by them. Wyndham Worldwide Corporation is the leading player in the global vacation ownership market in terms of revenues, number of resorts, and number of owners. The other leading players include Marriott International, Starwood Hotels, and Diamond Resort International, among others.
By combining SPSS Inc.'s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables, and tests.
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