Travel and Leisure Co. Club Wyndham Asia vacation club has more than doubled its member base in the past year, as younger traveller opt in to the experience of a luxury holiday rental.

Gen Z or Millennial now make up 60% of the club’s members in Asia, up from 53% last year.

“Vacation ownership provides a flexible, cost-effective way to enjoy a luxury lifestyle by sharing high-value assets in the same way that fractional ownership has already revolutionised ownership of assets like cars, yachts, private jets and art,” says Travel and Leisure Co. President and Managing Director, International Operations, Barry Robinson.

 “We have redesigned our vacation ownership model to suit new preferences, especially for Asian consumers, with shorter terms, flexi-levy arrangements, and a residual value model, where members share in the net proceeds of the properties when they are sold at the end of the Club term.”

Vacation ownership already has a significant membership base in the United States and Australia, but Asia’s rising levels of affluence, coupled with the demand for shared ownership, presents a significant growth opportunity, according to Robinson.

“As more Asian consumers look for ways to enjoy luxury experiences, vacation ownership offers them flexibility, financial prudence, and a sense of community that aligns with their values,” he said.

“People want to feel special when they travel, and we take care to treat our members like VIPs when they stay with us. Best of all, vacation ownership allows you to future-proof your holidays against inflation, because the number of points you need to a book your stay remains the same for the life of the Club.”

Members can access more than 4,000 resorts globally through the world’s largest exchange company, RCI, and tens of thousands of properties through the Wyndham Hotels and Resorts portfolio.

A Business Research Insights paper found the global vacation ownership industry is expected to grow at a compound annual growth rate (CAGR) of 7.6% through 2031, reaching US$36 billion in sales.

Travel and Leisure Co. is targeting key markets including China, Japan, Indonesia, Singapore, and Thailand with Robinson, in his role as President of the Asia Pacific Resort Development Organisation (APRDO), working with government on improving legislation around vacation ownership.