During the last major recession, the only people who lost their shirt were the ones who had to sell. This was true for equities, real estate, and DVC. Say you bought resale in 2008 at SSR for $65/point. One of two things happened during the great recession when prices effectively dipped to $30/point for SSR: one, you either couldn't afford the ADs on the contract, and you had to sell; or two, this was something you could afford to hold onto, and you just plugged along like any other year paying your bills.
That is to say, this:
It's why people beat the "luxury purchase" drum over and over and over again.
Even in a dip, putting your money into DVC as an "investment" would be foolish. At its nadir in 2009, any dollar you put into an index fund instead, would have grown to 4x today. Add in reinvested dividends and no historic low DVC contract could beat it.
And with THAT said, I would argue buying more add-on points, or buying into DVC at all during the great recession, because you want to spend more time waiting in line to hug a plastic-headed mouse, is actually a much smarter purchase than as an investment.
For those who would point out all the happy memories they made buying in, you're actually making my point for me. If the economy is hemorrhaging jobs, your 401k gets obliterated, and your kids' 529 is halved, but you are able to take your family to Disney to have breakfast in a fake castle at 7:00am so you can sneak past rope drop for 7DMT, that's textbook luxury.