Fractional Ownership News
Miami (concluded)
Conclusion
In the future, it seems the growth of the ‘super-club’ such as the likes of Ultimate Escapes will continue but with such a wide potential market there will still be a place for more niche offerings catering to specific tastes.
Customer satisfaction is king. Aside from high-level advertising campaigns and the increased propularity of such sites as our very own Fractional Life growing the marketplace the key to new member sign-ups are referrals. The kind of high net-worth individuals who sign up to fractional offerings quite rightly demand the best but as long as that is delivered they will recommend the opportunity to their peers so membership satisfaction and retention is key to being successful.
Experiences are looking to become more tailored to the individual- this can be accomplished through ‘unbundling’- providing just the services that each member requires rather than providing a number of ‘value-added’ extras that do anything but in some cases. As a logical progression there will be a growth of fractional hybrids mixing different club structures.
Credibility through recognised branding is beneficial to the whole industry through increased awareness and greater consumer understanding. As a knock-on effect there will be an expansion in fractional tie-in products, particularly finance and a change in willingness of developers to embrace fractional based business- reducing restrictions on transient use in some already established gated communities.
Previously we have looked at the topic of tempering conspicuous-consumption and the desire for individuals to enjoy themselves but balance this against environmental impact and a move away from ‘flashy’ demonstrations of wealth. Kenneth May, CEO, Everlands –presented his clubs eco-friendly resorts built with a dedication to protecting the environment and this was a familiar thread throughout the symposium- perhaps a theme best summed up as a ‘philanthropic spirit’. Another common theme emerging was the importance of sharing the luxury lifestyle experience with family and friends.
Overall the marketplace is growing at a pace at odds with the broader economic downturn- the target consumer not necessarily being affected by the rising fuel and utility prices yet still wanting to temper their consumption of resources through buy-in to what is termed an ‘emotional recession’ whereby although one personally is not restricted in their experiences by cash-flow they still wish to be a touch more shrewd in their personal spending habits yet still enjoy the very best products and services on offer. In short- it’s a Fractional Life!
Don't forget that for those interested in a UK based property event there is the upcoming Fractional Summit-
Fractional Summit in association with Fractional Life Join us at the first UK based Fractional Property Conference Monday 7th July 2008 at the prestigious Andaz Hotel, City of London. If you are at the forefront of the burgeoning fractional property sector in UK and Europe, or want to meet those who are, register now! With fractional ownership recently identified by the J Walter Thompson agency as the key consumer trend in 2008 many fractional industry professionals will be present.
For a schedule of events and to book your tickets online please visit www.fractionalsummit.com
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