With Summer and vacation season just around the corner, many families are beginning to plan. Some of our friends in the vacation rental business have warned us that there is unusually high demand this year. Really? Big demand for summer rentals? Isn’t there a awful economic down turn putting ‘everyone’ out of work? No. Many families are scaling back their expensive European vacations, their plans to purchase have been put on simmer, or they have come to realize that work is less important than great vacation time with family.
Yes, America will vacation and enjoy the summer of 2009. Many people are working less, saving more and planning to kick back and enjoy. Counter-intutitive? Not really. Our population is aging (see Besting). We have discovered you really can work from the Blackberry at the beach.
So the burning question is not ‘will we go on vacation’ but ‘how will we vacation’? I just returned from speaking at the ARDA (American Resort Developers Assn) conference in Orlando last week. It was a smaller turn out than year’s past, but they weren’t gloomy. The developers who did show up reported sales were rising. Traffic and inquiries from buyers were up in the last 30 days dramatically. Where they lying to me? No. The proof is there. The consumer is waking up from a coma, and that means they are hungry. Pent up demand has occurred for 19.5 months now.
How will the consumer make up for lost time, for opportunites lost to enjoy life? Vacation! We Americans try to cram in 1.6 weeks a year a full year’s fun (see any Jimmy Buffett song). In 2009, we might just take a full 2 weeks. Some employees are being asked to take their vacation time, is this a bad thing? Not really. It’s about time America balanced work/pleasure a little better.
So back to my question, how will we vacation? Tent cities, yurts, campers, rental cottages, travel club memberships, timeshare, fractional, condo hotel, hotels, motels, family’s couches, resorts, condos, penthouses, or homes? Yes.
Vacation Finance is beta testing a new website: www.VacationFinance.cn on it you will find a “Rent vs. Own” calculator to help people decide if they should buy or rent this summer’s cottage. I’m impressed with the depth of the calculation. Give it a try? I’m interested in your feedback.
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