SBW - I don't think costs of traveling/timeshare is an issue (certainly CV is for ~half the country). Most middle class and above did not lose their job with the exception being some small biz owners. The job losses were concentrated largely among working class and part time workers in hospitality, retail and a few other industries and a very large portion of them actually came out ahead not working ($400-$600 weekly + core unemployment > $12-14 hr + stimulus checks). We still have a hard time finding willing workers at even 5% above pre-covid rates because no one is in a rush to work.
The average family actually has done better in the last 12 months than normal - Typical family of four received $3,400 tax free last april/may and $2,400 in January with stimulus checks + less driving costs - nearly $6k is ~15% of typical after tax income for median household income. Plus all student loan payments and interest (well, 90% of them - all public student loans) have been deferred for over a year as well and a large % of the population deferred their mortgage and many are not paying rent. 2020 might be the best year for consumer's balance sheets in the history of the US with a gargantuan savings rate. The personal savings rate in 2020 in the US was a
whopping 16%, vs a typical 2-5%.
The consumer is in great shape in general in the US (yes, there are exceptions of course) which is why leisure travel is actually quite good in the US except cruise lines (look at ABNB, CHH, WH share prices - higher than pre-pandemic). It's various segments of the business world that are hurting badly and of course the US debt balance sheet and biz travel is still down about 75%. I think time-share owners in general probably skew older than average which are less likely to travel and be more worried about CV.
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this was true in 2q20 but not since. Very few white collar folks are worried about their job and people want to travel, hence the reason hospitality companies EV is 90% of pre pandemic even with most revenue down 70%
I’m sorry this has nothing to do with the original post, I just had to respond to Magnus.
Magnus you are so wrong. White collar middle class and upper middle class have lost their jobs. Some companies are just now letting go of positions they had hoped to hold on to but can no longer afford. If working from home proved anything it’s companies can get employees to work more with less help and a support system. Here is a personal example I will give you my son 45 and his wife 49 both worked for the same company in different divisions. They both worked for the company for over 20 years. They were both already working from home a couple of days per week. First in May their hours got cut to my son 20 hours per week and daughter in law to 10 hours. With a 12% pay cut on the hours they were working. My son went back to work full time in August. My daughter in law was furloughed no hours and the company hoped to recall her in the future. Last week within a 24 hour period first my daughter in law was permanently let go. The next morning my son gets the email is his being let go. Some other employee will have to absorb his position. Both were over 75,000.00 a year positions. Unemployment runs out. Some folks make too much on paper to get any of the stimulus.
Covid has spread to every corner of the country into tons of white collar jobs. It’s the blue collar production jobs that have stayed viable and even increased hiring.
In my opinion the social security crowd(myself and husband) are the least effected. We keep getting SS we keep getting our pensions and we keep getting our medical, plus we get the stimulus I’m glad for me, but sad for younger folks with families.
Travel has ground to a halt for most people. It’s truely the last thing on peoples to do list.
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