Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- The issues
- Revenue generation the result of increases in attendance and guest spend
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- Figure 1: Top 20 theme parks in North America, percent change in attendance, 2012-13
- Reputation management essential
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- Figure 2: Very important theme park attributes, February 2015
- Attractions linked to popular media characters come with built-in audience
- The opportunities
- Invest in attractions for family members of all ages
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- Figure 3: Adults’ and teens’ past 12 month theme park visitation, kids' theme parks visitation incidence, 2008-14
- Incorporate technology to streamline guest experience
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- Figure 4: Most recent theme park visit – purchase/use - technology, February 2015
- Strategic use of popular media characters provides continued returns
- What it means
The Market – What You Need to Know
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- Parks benefit from improving economy and increased population diversity
- Attendance and per capita spending increases at parks
- Disney leads the market in size and growth
- Dip in 6-11 age group may dampen park attendance
- Favorable conditions for domestic travel drives growth for parks
Market Size and Forecast
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- Strong growth predicted to continue
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- Figure 5: Total US revenues and fan chart forecast of theme parks, at current prices, 2009-19
- Theme park growth outpaces adjacent markets
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- Figure 6: Total US revenues and forecast of theme parks, at current prices, 2009-19
- Market influenced by increased DPI and reduced PSAVERT
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- Figure 7: Disposable personal income and personal saving rate, January 2005-January 2015
Market Breakdown
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- Per capita guest spend crucial to overall market health
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- Figure 8: Percentage change in attendance and per capita spending for major parks, 2011-13
- Disney leads theme park market in revenues
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- Figure 9: Annual revenues ($ millions), 2013 and percent change 2012-13
- The virtuous circle of movies and theme parks
Market Perspective
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- Almost all travel sectors experiencing growth
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- Figure 10: Total and US vacations and tourism market value growth, 2009-14 (estimate), 2014-19 (forecast)
- Inbound international travel up, but may taper in 2015
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- Figure 11: International visits to the US, 1999-2014
Market Factors
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- Increasing diversity in the US drives attendance
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- Figure 12: Past three year theme park visit, February 2015; population change, 2015-20, by race/Hispanic origin
- VMT per capita predicted to increase in 2015
- Decline in 6-11 age group may dampen attendance rates
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- Figure 13: US population <18, by age, 2015 versus 2020
Key Players – What You Need to Know
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- Major theme parks see growth in attendance and guest spending
- Disney leads the pack in theme park attendance
- Tiered pricing and season passes drive revenues
- Negative PR has lasting effects for SeaWorld
- New attractions keep guests coming back
- IP continues to drive park visits
Overview of Leading Brands
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- Major theme park brands see increases in attendance and revenues
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- Figure 14: Top 20 theme parks in North America, by attendance, 2013
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- Figure 15: Top 20 theme parks in North America, percent change in attendance, 2012-13
Attributes of Leading Brands
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- Leading brands are considered exciting, innovative – but overpriced
- Disney Parks thought to be “one of the best park brands”
- Universal Studios is associated with innovation
- Six Flags stands out as an affordable park
- SeaWorld and Legoland have less broad appeal compared with other park brands
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- Figure 16: Correspondence Analysis – Theme park brand attributes, February 2015
- Figure 17: Theme park brand attributes, February 2015
What’s Working
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- Tiered pricing strategies increase revenues
- Season pass memberships smooth uneven attendance
- New waterparks enter the market
- Designers create taller, faster, steeper rides for thrill seekers
- New arrivals
- Coming soon
- Parks offer seasonal entertainment beyond fixed attractions
Facing Challenges
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- Brand reputation suffers in light of negative press
- Social media campaigns amplify public sentiment
- Measles outbreak at Disneyland prompts parental concerns
What’s Next
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- Parks attract guests with roller coaster/dark ride combos
- Mobile payment systems reduce friction in purchasing
- Strategic use of pop culture characters drives theme park market
- Immersive experiences create new worlds for guests to explore
- Parks find new ways to manage crowds
The Consumer – What You Need to Know
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- Families are key target
- Park reputation crucial in decision to visit
- In-park food and beverage are likely purchases
- Adult-centric activities may drive future growth
Theme Park Visitation
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- Families with children aged 6-11 are key demographic
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- Figure 18: Past three year theme park visitation, by presence and age of children in household, February 2015
- Visitation among adults and kids relatively steady, improves among teens
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- Figure 19: Adults’ and teens’ past 12 month theme park visitation, kids' theme parks visitation incidence, 2008-14
- Teens visit with family or friends
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- Figure 20: Theme park companions of teens, November 2013- December 2014
Planning a Theme Park Trip
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- Destination parks spur longer vacations
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- Figure 21: Duration of most recent theme park trip, by destination and regional park type, February 2015
- Trip planning likely handled by one person
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- Figure 22: Theme park trip planning responsibility, February 2015
- Theme park website is a valuable resource for trip planning
- Destination travelers more engaged in pre-trip research
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- Figure 23: Theme park trip planning process, by destination versus regional parks, February 2015
- Destination trip planners consider co-located parks
Theme Park Attributes
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- Appealing to kids is the most important consideration for parents
- Admission cost not the primary consideration
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- Figure 24: Very important theme park attributes, February 2015
Theme Park Purchases and Activities
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- Food and beverage lead in-park spending
- Ticket packages and annual passes are popular options
- Families more likely to spend
- Destination park visitors investing in multi-day tickets
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- Figure 25: Most recent theme park visit – purchase/use – food/beverage, tickets, February 2015
- Mobile payment systems may increase in-park spending
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- Figure 26: Most recent theme park visit – purchase/use – activities, souvenir, technology, February 2015
- Strong interest in adult-centric activities points to opportunity
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- Figure 27: Preferred vacation activities for adults, November 2013-December 2014
Appendix – Data Sources and Abbreviations
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- Data sources
- Market size and forecast
- Key players
- Fan chart forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 28: Total US revenues and forecast of theme parks, at inflation-adjusted prices, 2009-19
- Figure 29: Theme park visitation, adults, teens, and kids, 2008-14
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Appendix – The Consumer
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- Figure 30: Kids’ action figures, November 2013- December 2014
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- Figure 31: Kids’ influence on vacation choices, restaurants on vacation, and vacation activities, November 2013- December 2014
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- Figure 32: Preferred vacation activities, November 2013- December 2014
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