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THEME PARK VACATIONS-US-APRIL 2018

Published By :

Mintel

Published Date : Apr 2018

Category :

Travel Services

No. of Pages : N/A

Driven by an excited core audience willing to pay for admissions prices and beyond, theme parks are expected to grow significantly in the coming years. Still, theme park vacations face stiff competition from other vacation types. Theme parks can work to differentiate themselves by focusing on what sets them apart: rides and attractions. Family is also important, but not everything when it comes to a theme park visit.

Table of contents

OVERVIEW
What you need to know
Definition
Destination parks
Regional parks
EXECUTIVE SUMMARY
Overview
Figure 1: Total US sales and fan chart forecast of theme parks, at current prices, 2012-22
The issues
Vacation competition tough
Figure 2: Dream vacations, January 2018
Spending on necessities, not extras
Figure 3: Theme park trip purchases, January 2018
Share of visitors steady
Figure 4: Adults’ and teens’ past 12 month theme park visitation, kids’ theme park visitation incidence, 2013-17
The opportunities
Looking to spend more on travel
Figure 5: Where extra money is spent, November 2017
Reaching the same demos, no matter the circumstances
Figure 6: The theme park visitor and theme park vacationer, by key demographics, January 2018
Leveraging natural advantages
Figure 7: Benefits of a theme park vacation, January 2018
Visitors like families but not dependent on them
Figure 8: Theme parks and family, January 2018
A visit doesn’t need to be the same
Figure 9: Attitudes toward theme park visits, January 2018
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Strong growth ahead
Experience, family crucial to travel
Opportunities among core theme park audience
MARKET SIZE AND FORECAST
Price increases drive strong growth for theme parks
Figure 10: Total US sales and fan chart forecast of theme parks, at current prices, 2012-22
Figure 11: Total US sales and forecast of theme parks, at current prices, 2012-22
MARKET PERSPECTIVE
Vacation and tourism on the rise
Families looking to relax, try new things on vacation
Mobile tech essential to travel
Experiential travel informing accommodations market
MARKET FACTORS
Getting influential iGens, Millennials on board
Figure 12: Share of population, by generation, 2018
Family median income recovering after recession
Figure 13: Median household income of families with related children, in inflation-adjusted dollars, 2006-16
“Baby bust” leading to fewer households with children
Figure 14: Share of households, by presence of related children, 2007-17
Spending more on travel
Figure 15: Where extra money is spent, November 2017
KEY PLAYERS – WHAT YOU NEED TO KNOW
Slow attendance, high revenue
Investments in the tried and true
Consequences of disasters resonate
New tech excites
LEADING THEME PARKS OVERVIEW
Ticket prices drive revenue
Destination parks dominate
Regional parks on the rise
Figure 16: Annual revenues of major parks 2017 and percentage growth 2016-17
WHAT’S WORKING?
The cornerstone of theme park development: IP
Finding revenue in familiar places
Rising ticket prices improve top line growth
Some shows cost extra
Selling the most valuable experience
Figure 17: Universal Studios “Enjoy So Much Fun For So Little” direct mail advertisement, January 2017
Figure 18: Disney “Enjoy Another Stay In The Middle Of The Magic” direct mail advertisement, October 2017
Advancing foodservice to gourmet status
Partnerships make engagement easier
WHAT’S STRUGGLING?
Responding to crisis
Hurricane season takes its toll
Power outage loses trust
SeaWorld continues to struggle
WHAT’S NEXT?
The joys of alternative realities
Virtual lines have potential, but still face challenges
Always more characters to explore
THE CONSUMER – WHAT YOU NEED TO KNOW
Parks should work to recapture visitors
Visitors and vacationers cover similar ground
Websites still a popular source of info
Highlighting the uniqueness
Spending on necessities
Family an integral component
Variety can come from repeat visits
New, transformative vacations sought by visitors
Segmentation highlights targeted opportunities
THEME PARK VISITATION
Key opportunity
Theme park vacations sit in the middle of other vacations
Figure 19: Types of vacations taken, January 2018
Attendance steady over the years
Figure 20: Adults’ and teens’ past 12 month theme park visitation, kids’ theme park visitation incidence, 2013-17
Destination theme parks dominate vacation space
Figure 21: Theme park visitation, January 2018
Theme park visitor and vacationer similar
Figure 22: The theme park visitor and theme park vacationer, by key demographics, January 2018
THEME PARK PREPARATION
Key opportunity
Websites are the most popular destination for information
Figure 23: Theme park preparation, January 2018
Validation, information important to young visitors
Figure 24: Theme park preparation – Select items, by age, January 2018
Parents want the updates
Figure 25: Theme park preparation – Select items, by parental status, January 2018
BENEFITS OF A THEME PARK VACATION
Key opportunity
Theme parks face stiff competition
Figure 26: Dream vacations, January 2018
Attractions, rides are the biggest selling points
Figure 27: Benefits of a theme park vacation, January 2018
Thrills make way for shows as visitors age
Figure 28: Benefits of a theme park vacation – Select items, by age, January 2018
Parents want relaxed fun for all
Figure 29: Benefits of a theme park vacation – Select items, by parental status, January 2018
THEME PARK RESERVATIONS AND PURCHASES
Key opportunity
Visitors do not want to spend more than they need
Figure 30: Theme park trip purchases, January 2018
Hotel partnerships could appeal to visitors
Figure 31: Theme park trip reservations, January 2018
Older visitors want the spectacle of a theme hotel
Figure 32: Theme park trip reservations, by age, January 2018
THEME PARKS AND FAMILY
Key opportunity
Family is important, but not everything
Figure 33: Theme parks and family, January 2018
Young visitors open to going with different groups
Figure 34: Theme parks and family – Select items, by age, January 2018
ATTITUDES TOWARD THEME PARK VISITS
Key opportunity
There’s always an opportunity to see more
Figure 35: Attitudes toward theme park visits, January 2018
Parents managing expectations for visits
Figure 36: Attitudes toward theme park visits – Select items, by parental status, January 2018
Spending more to see more
Figure 37: Attitudes toward theme park trip satisfaction, by annual household income, January 2018
ATTITUDES TOWARD VACATION EXPERIENCES
Key opportunity
New is always better
Figure 38: Attitudes toward vacation experiences, January 2018
Deeper connections sought by young theme park visitors
Figure 39: Attitudes toward vacation experiences, by age, January 2018
CONSUMER SEGMENTATION
Factors
Figure 40: Theme park visitor segments, January 2018
Family Fanatics (39%)
Demographics
Characteristics
Opportunities
Figure 41: Theme park visitor segments – Family Fanatics, by demographics, January 2018
Involved Independents (31%)
Demographics
Characteristics
Opportunities
Figure 42: Theme park visitor segments – Involved Independents, by demographics, January 2018
Childless Crusaders (30%)
Demographics
Characteristics
Opportunities
Figure 43: Theme park visitor segments – Childless Crusaders, by demographics, January 2018
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Sales data
Fan chart forecast
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms
APPENDIX – THE MARKET
Figure 44: Total US sales and forecast of theme parks, at inflation-adjusted prices, 2012-22

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