Friday, December 2, 2022

Theme Park Sales on a Roller Coaster Ride, Reports Mintel

CHICAGO, USA /PRNewswire/ — According to Mintel, theme park revenues grew 10% between 2005 and 2007, but the onset of the recession, coupled with record high gas prices over the summer, resulted in a five percent drop in 2009. However, revenues are expected to increase in 2011 with three to four percent expected growth per year between 2011 and 2015.

“While Americans are still budget-conscious, they are starting to become more comfortable spending their money on travel,” notes Fiona O’Donnell, senior analyst at Mintel. “A greater willingness to take vacations, along with the incentive of enticing price promotions offered by many leading theme parks, we anticipate an increase in theme park attendance and therefore, an increase in sales in the coming years.”

Admissions account for approximately 60% of annual revenues at theme parks, followed by food and beverage (17%) and merchandise (10%).

Teen respondents are about three times more likely than adults (70% vs. 23%) to have visited a theme park in the last 12 months and tend to be drawn to Six Flags, which boasts some of the country’s “fastest, tallest, wildest, heart-pumping rides.” While only 15% of teens who went to a theme park in the last year say they visited a Universal Studios park, teen attendance is expected to heat up in the wake of the huge success of Universal’s new Wizarding World of Harry Potter attraction in Orlando.

The lure of new rides, shorter lines and grown-up entertainment are helping to entice future theme park visitors. Nearly four in 10 (39%) respondents say they would visit a park to try out a new ride or attraction and 37% of adult respondents say they would pay extra to avoid long lines. Meanwhile, 29% of respondents say they would be willing to pay extra for entertainment geared toward adults, such as concerts, comedy clubs and bars.

“Parents want to streamline and simplify when going through the whole theme park experience,” adds Fiona O’Donnell. “While this group is looking for deals, parents appear to place less importance on saving money than on finding ways to reduce the stress of a theme park visit and the internet offers an opportunity to do this.”

One-third (33%) of Mintel respondents say they usually buy tickets online, creating the opportunity for parks to shape a visit before it begins. According to Mintel research, a theme park that wants to increase spending on souvenirs could offer coupons that print out along with a guest’s ticket, or if a park wants to expand traffic at a particular attraction, discounted front-of-the-line passes may encourage crowd-weary visitors.

About Mintel
Mintel is a global supplier of consumer, product and media intelligence. For more than 38 years, Mintel has provided insight into key worldwide trends, offering exclusive data and analysis that directly impacts client success. Mintel has offices in Chicago, New York, London, Sydney, Shanghai and Tokyo.

Judith Rubin
Judith Rubin
Judith Rubin ([email protected]) is a leading journalist, publicist, strategist, blogger, content marketing specialist and connector in the international attractions industry. She excels at writing about all aspects of design and technical design, production and project management. Areas of special interest include AV integration and show control, lighting design and acoustics, specialty cinema, digital video and world’s fairs. Judith has ties to numerous industry organizations. From 2005-2020 she ran communications, publications and social media for the Themed Entertainment Association (TEA). In 2013, she was honored with the TEA Service Award. She was development director of IMERSA, and co-chair of the 2014 IMERSA Summit. She was publicist for the Large Format Cinema Association in the 1990s, now part of the Giant Screen Cinema Association (GSCA) and has also contributed to the publications of PLASA, IAAPA and the International Planetarium Society. Already making her mark as a magazine and book editor, Judith joined World’s Fair magazine in 1987, which introduced her to the attractions industry. Launching as a freelancer in the mid 1990s she has contributed to dozens of publications and media outlets including Funworld, Lighting&Sound America, Sound & Communications, Urban Land, The Raconteur and The Planetarian. She joined InPark in 2010. Judith earned a Bachelor of Fine Arts from Pratt Institute. She has lived in New York City and the San Francisco Bay Area, and now makes her home in Saint Louis, where she is active in the local arts and theater community.

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