US-based financial institution Citizens has partnered with US-based vacation ownership business Wyndham Destinations . The aim of the collaboration is to offer flexible down payment financing to vacation club members. As per the press release, via Citizens Pay, the financial institution’s instalment-based financing solution, Wyndham Destinations vacation club members will get the option to pay for down payment costs through fixed monthly payments at over 200 resorts in the US.

Among the resorts included in the deal are Club Wyndham, WorldMark by Wyndham, and Margaritaville Vacation Club by Wyndham properties. When discussing the latest announcement, a representative from Citizens Pay emphasised that, by collaborating with Wyndham Destinations as their provider of down payment financing, they seek to offer travellers an adaptable pay-over-time alternative. The travel sector today The travel sector has undergone a significant growth in the aftermath of the pandemic.

As highlighted in a report released by Nexi earlier in 2023, after surveying European respondents, there was a 52% increase in travel spending in 2022. As data from the report shows, out of the EUR 175 billion spent in Europe on travel in 2022, consumers’ hotel expenses amounted to EUR 52 billion, flights accounted for EUR 45 billion, and charter and package trips exceeded EUR 33 billion. What is more, experts have emphasised that, in spite of the current travel demand, the expenses associated with travelling have also surged.

The situation arises from the decreasing purchasing power, which is straining consumers' travel budgets, leading them to look for ways to simplify payments and manage costs. This, in turn, has reportedly bolstered the popularity of Buy Now, Pay Later (BNPL) payment solutions. What do Citizens and Wyndham Destinations bring to the table? The Citizens Financial Group is a financial institution that reportedly has USD 223.1 billion in assets as of June 2023.

The company offers a broad range of retail and commercial banking products, as well as services that cater to individuals, small businesses, middle-market companies, corporations, and institutions. Among its consumer-tailored banking offerings, the financial institution extends mobile and online banking, and provides around 3,400 ATMs. Citizens additionally has a network of 1,100 branches in 14 states and the District of Columbia.

Its offerings encompass an array of products and services like banking, lending, savings, wealth management, and small business offerings. Wyndham Destinations is a vacation ownership business with over 245 vacation club resorts around the world, that reportedly provide a modern interpretation of the traditional timeshare concept. The brand’s portfolio enables travellers to visit new destinations each year, with purportedly over 800,000 owners experiencing stays in its accommodations.

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