Diamond Resorts announces that millennials now make up the company’s fastest-growing membership demographic.
While the company is experiencing significant growth among all demographic groups, millennial membership has outpaced all other groups with an average of 25% growth year over year for the last five years. Millennial membership has doubled since 2009 and now comprises 12% of Diamond Resorts members.
The growth follows industry trends, as recent research indicates that millennials invest more in their vacations compared to any other demographic, with 33% of millennials willing to spend $5,000 or more on a vacation. Millennial consumers, aged between 25 and 38, value unique vacation experiences and are passing these values onto their children and the younger Generation Z.Among the unforgettable experiences offered by Diamond Resorts are intimate beachside concerts by platinum-selling artists such as Cole Swindell, Lee Brice and Jana Kramer, and premier seats to sporting events and culinary tours. With an innovative points system, members can personalize their vacation experiences and get the most out of their timeshare ownership. Diamond continually expands its offerings to meet changing preferences and makes data-driven decisions to enhance experiences and put members first.
“Millennials value exclusive and personalized experiences, and they are really embracing the amazing events we offer our members that cannot be found on a typical vacation,” said Mike Flaskey, Chief Executive Officer of Diamond Resorts. “We understand that this generation values flexibility and we want millennials to be able to vacation with us consistently and enjoy all the benefits of a Diamond Resorts membership.” In response to increased demand from millennials, Diamond is testing various short-term ownership products that offer exclusive member opportunities and quality vacation options with a shorter time commitment. Diamond is dedicated to providing once-in-a-lifetime experiences and flexibility to all of its members, and the company has found that customers who buy the short-term product often choose to extend their vacation ownership.
In addition to notable growth from the millennial sector, Diamond experienced across the board membership growth over the past five years, with all other demographics growing by 16% year over year. With more than 400,000 members, Diamond Resorts provides its members, owners and guests with choice and flexibility to let them create their dream vacation and enjoy memorable and meaningful experiences.