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Theme Parks - US - April 2017

Published By :

Mintel

Published Date : Apr 2017

Category :

Lifestyle

No. of Pages : N/A

Theme park revenues are forecast to increase more rapidly over the next five years. Rising attendance and per capita spend help spur growth. While Disney and Universal dominate the market, nearly all other major theme park companies are showing positive results. Visitors seek a balance between familiar attractions and new thrills. Theme parks should continue to grow with the help of an enthusiastic family crowd and key innovations in sensory immersion.

Table of Content

OVERVIEW
What you need to know
Definitions
Destination parks
Regional parks

EXECUTIVE SUMMARY
The issues
Smaller parks overshadowed by might of Disney, Universal
Figure 1: Annual revenues of major parks ($ millions) 2016, and percentage change 2015-16
Slow growth in population of children
Figure 2: Population of children younger than age 18, by age, 2017-22
High costs keeping some away
Figure 3: Theme park deterrents – Select items, by rank, January 2017
The opportunities
Most theme parks growing
Figure 4: Top 10 amusement parks in North America, by attendance (2015) and growth, 2014-15
18-34s, Hispanics, parents visit frequently
Figure 5: Theme park visitation – Have visited more than once in the last 12 months, by key demographics, January 2017
Franchises, new tech have broad appeal
Figure 6: Reasons to visit a theme park – Attractions, January 2017
Food and drinks dominate park spend
Figure 7: Theme park purchases – Food and drink, January 2017
Older adults could use a rest
What it means

THE MARKET – WHAT YOU NEED TO KNOW
Substantial growth expected for theme parks
Disney dominates
Warm weather bodes well for theme parks
Stagnant population of children mostly offset by growing income, Hispanic population

MARKET SIZE AND FORECAST
Growing attendance, increasing admission prices drive growth
Figure 8: Total US revenues and fan chart forecast of theme parks, at current prices, 2011-21
Figure 9: Total US sales and forecast of theme parks, at inflation-adjusted prices, 2011-21

MARKET BREAKDOWN
Ticket prices, innovation drive growth
Figure 10: Annual revenues of major parks ($ millions) 2016, and percentage change 2015-16
Bigger parks have higher guest spend
Figure 11: Revenue per capita and spending growth per capita of major parks, 2015 and 2014-15

MARKET PERSPECTIVE
Florida and California popular vacation spots
Summer is hot for vacations
Millennials crave experience
The normalization of integrated technology

MARKET FACTORS
Stagnant population growth of children could hurt attendance
Figure 12: Best Vacation Ever – Universal Orlando® Resort, January 2014
Figure 13: Population of children younger than age 18, by age, 2017-22
Household incomes on the rise for families
Figure 14: Median household income of families with related children, in inflation-adjusted dollars, 2005-15
Hispanic population on the rise
Figure 15: Population by Hispanic origin, 2012-22
Consumer confidence entering 2017 on a high note
Figure 16: Consumer Sentiment Index, January 2007-January 2017

KEY PLAYERS – WHAT YOU NEED TO KNOW
Disney operates top five theme parks
Cross-platform and franchise integration proves successful
SeaWorld hoping to rebound
The new, virtual world

LEADING THEME PARKS OVERVIEW
Disney World leads the pack, Universal growing
Figure 17: Top 10 amusement parks in North America, by attendance (2015) and growth, 2014-15
Regional parks generally round out top 20
Figure 18: Rest of the top twenty theme parks in North America, by attendance and growth, 2015

WHAT’S WORKING?
The integration of intellectual property
Special events have people coming back
Planning made easy with mobile tech
Everything on the phone
Wearable tech makes thing easier
Splurging for comfort and style

WHAT’S STRUGGLING?
SeaWorld’s struggles

WHAT’S NEXT?
The many faces of virtual reality
All VR parks
Figure 19: First look at THE VOID, informational video, May 2015
Augmenting existing attractions
No need to wait in line
Expanding the immersive experience
Taking visitors to another world
Full-size dinosaurs in Japan
The show is all around you
New foods supplement old favorites

THE CONSUMER – WHAT YOU NEED TO KNOW
Frequent theme park visitation common
Planning ahead popular
Food and drink purchases necessary
Balancing the new with the familiar
Price is a pain point
High cost worth a memorable experience
Franchises, new tech are popular
Tradition, safety influence theme park attitudes
Stressed-out Splurgers most influential consumer segment

THEME PARK VISITATION
Majority of adults have gone to theme parks
Destination parks are most popular
Frequent visitation is more common than a single visit
Four in 10 have not gone in last three years
Figure 20: Theme park visitation, by frequency and type of theme park, January 2017
Hispanics, parents are most frequent visitors
Figure 21: Theme park visitation – Have visited more than once in the last 12 months, by key demographics, January 2017
Regional and destination theme park visitors similar
Figure 22: Destination and regional theme park visitation – Any visit in the last 12 months, by key demographics, January 2017
Attendance by teens and kids relatively steady
Figure 23: Adults’ and teens’ past 12 month theme park visitation, kids’ theme parks visitation incidence, 2006-16

THEME PARK PLANNING
Going straight to the source
Looking for the best deal
Other internet sources also useful
Figure 24: Theme park planning, January 2017
Women think ahead
Figure 25: Theme park planning – Select items, by gender, January 2017
Younger adults go online
Figure 26: Theme park planning – Select items, by age, January 2017
Parents less price conscious and using online sources to plan
Figure 27: Theme park planning – Select items, by parental status, January 2017
Hispanics plan online
Figure 28: Theme park planning – Select items, by race and Hispanic origin, January 2017

THEME PARK PURCHASES
Day trips require food
Figure 29: Theme park purchases, January 2017
Purchases change with age
Food and drink for older adults
Novelty for younger adults
Figure 30: Theme park purchases – Select items, by age, January 2017
Parents pay for memories
Figure 31: Theme park purchases – Select items, by parental status, January 2017
Black theme park visitors switch-up food options
Figure 32: Theme park purchases – Select items, by race/Hispanic origin, January 2017

REASONS TO VISIT A THEME PARK
Attractions bring people in
Figure 33: Reasons to visit a theme park, January 2017
Women, parents gravitate toward the familiar
Figure 34: Reasons to visit a theme park – Select items, by parental status by gender, January 2017
High-income households don’t care as much about new experiences
Figure 35: Reasons to visit a theme park, by household income, January 2017
Black adults least likely to repeat
Figure 36: Reasons to visit a theme park, by race and Hispanic origin, January 2017

ISSUES WITH THEME PARKS
High cost, long lines an issue
Figure 37: Theme park issues – Select items, by rank, January 2017
Price important to women
Figure 38: Theme park issues – Select items, by gender, January 2017
Safety a concern for younger adults
Figure 39: Theme park issues – Select items, by age, January 2017
Non-parents looking for discounts, parents for security
Figure 40: Theme park issues – Select items, by parent status, January 2017
Black, Hispanic adults worried about safety
Figure 41: Theme park issues – Select items, by race and Hispanic origin, January 2017

WHY PEOPLE DON’T GO
Price overwhelmingly the most significant deterrent
Figure 42: Theme park deterrents – Select items, by rank, January 2017
Younger adults most price conscious
Figure 43: Theme park deterrents – Select items, by age, January 2017
Hispanic, Black adults worried more about food and safety
Figure 44: Theme park deterrents – Select items, by race and Hispanic origin, January 2017

ATTITUDES TOWARD THEME PARK PURCHASES
Parks worth the high price
Figure 45: Attitudes toward theme park purchases, January 2017
Men more willing to spend
Figure 46: Attitudes toward theme park purchases, by gender, January 2017
25-44s more willing to pay more
Figure 47: Attitudes toward theme park purchases, by age, January 2017

ATTITUDES TOWARD THEME PARK ATTRACTIONS
Balancing the new with the familiar
Figure 48: Attitudes toward theme park attractions, January 2017
Parents get excited for their children, fathers prefer adult-centric activities
Figure 49: Attitudes toward theme park attractions, by parental status and gender, January 2017
Hispanics excited about attractions
Figure 50: Attitudes toward theme park attractions, by race and Hispanic origin, January 2017

ATTITUDES TOWARD THEME PARK EXPERIENCES
Creating family traditions
Figure 51: Attitudes toward theme park experiences, January 2017
Good reputations go a long way
Figure 52: Attitudes toward theme park experiences, January 2017
Younger adults worry about stress, safety
Figure 53: Attitudes toward theme park experiences, by age, January 2017
Tools to ease stress could help Hispanics
Figure 54: Attitudes toward theme park experiences, by Hispanic origin, January 2017

CONSUMER SEGMENTATION
Factors
Figure 55: Theme park guest segments, January 2017
Stressed-out Splurgers (28%)
Demographics
Figure 56: Profile of Stressed-out Splurgers, index to all theme park visitors, January 2017
Characteristics
Opportunities
Reluctant Retirees (28%)
Demographics
Figure 57: Profile of Reluctant Retirees, index to all theme park visitors, January 2017
Characteristics
Opportunities
Flexible Frequenters (25%)
Demographics
Figure 58: Profile of Flexible Frequenters, index to all theme park visitors, January 2017
Characteristics
Opportunities
Unimpressed and Uncaring (19%)
Demographics
Figure 59: Profile of Unimpressed and Uncaring, index to all theme park visitors, January 2017
Characteristics
Opportunities

APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Sales data
Fan chart forecast
Consumer survey data
Abbreviations and terms
Abbreviations
Terms

APPENDIX – THE MARKET
Figure 60: Total US revenues and forecast of theme parks, at current prices, 2011-21

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