Millennials are turning to timeshares, Diamond Resorts CEO says

While timeshares have earned a reputation as popular among the baby boom generation, Diamond Resorts wants to change that perception by targeting millennials with different perks.

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“Millennials have been at the forefront and how we get them involved in our product,” Diamond Resorts CEO Michael Flaskey told Fox Business’ Maria Bartiromo on Tuesday. For years, the baby boomers have been the core demographic of the vacation ownership industry. We’ve created some cool new products that are short-term, they can walk away from it after ten years. We’re seeing record folks coming in at that Millennial demographic.”

Diamond is committed to providing unforgettable vacation experiences to its members and owners by creating opportunities for families to build memories that they will cherish forever.

“When our members come on vacation, they get to do these cool experiences that money can’t buy,” Flaskey said. “The great thing about vacations is that people take them when times are bad and they take them when times are good. But they’re taking them now at rates we’ve never seen.”

With the economic recovery, demographic shifts and a millennial emphasis on investing in experiences over purchasing consumer goods are a welcome tailwind for the businesses of travel and transportation.

“The American people are working, and they’re traveling, they’re vacationing, and it’s great for the economy,” Flaskey said on “Mornings with Maria.”

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Diamond Resorts is warning members to be cautious of scams and that any company contacts them making claims to "transfer" or "exit" their timeshare is an automatic red flag.

“These third party exit companies that build themselves as ‘debt relief companies’ it’s unbelievable. They’re actually going out and contacting our members and they’re trying to get them to pay them money to allegedly get out of their contract, and in the end nothing happens except for the fact that they write them a check, and when they write them that check their credit gets ruined,” Flaskey said.