The "sharing economy" in travel didn't arrive on the scene with the advent of global mega-brands such as HomeAway or, more recently, Airbnb.
The traditional timeshare first became popular in the 1950s and 1960s, as a way for people to own a slice of time of an overseas property, then exchange their week(s) for other units around the world during the calendar.
Whilst beset by bad publicity around scams in the 1980s and 1990s, timeshare ownership is still estimated to be in the region of 20 million households globally that have part-ownership of a property, according to Timeshare Consumer Guide, one of the sector's representative groups.
A recent study by the International Society of Hospitality Consultants found that, despite the large numbers still in play in terms of units and sales ($14 billion worldwide), 69% of members believe timeshare is diminishing, as the sector has not addressed the rise of the modern form of the sharing economy championed by Airbnb et al.
Image and model issues
The organization believes two significant areas have not been addressed to counter the growth and influence of web-based, consumer-facing players: flexibility and unique experiences.
David Berins, owner of the Berins & Co consultancy, says: "Why would a consumer want to lock into a particular exchange system when everything is easily available on Airbnb or VRBO?"
Such timeshares are being rendered obsolete as a result of a failure to shift the model, the study finds, not least with availability of "experience-driven local accommodations", according to Hayden Place of Stokes Wager.
Another issue is around the appeal of the timeshare concept to a younger audience.
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"While the model is still popular with baby boomers, the concept struggles to sell with millennials," argues Christopher Henry, co-founder and CEO of Majestic Hospitality Group.
"This younger group prefers to spend their money on unique and authentic experiences while also not being tied down to commitments. Timeshares provide the exact opposite of this mindset."
But perhaps all is not lost for the pensioner of the private accommodation age, at least for the time being.
Flo Lugli of the Navesink Advisory Group says the timeshare model has an advantage over the younger players in the market.
"Timeshare's value proposition now is more around points and pre-paying for great vacations rather than buying a specific unit in a specific location," she believes.