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Theme Parks - US - May 2015

Theme Parks - US - May 2015

Most theme parks have benefited from increased attendance and guest spending in the past few years, driven in part by a healthy economy and consumers’ desire to spend in experiential categories. Industry leaders drive attendance by regularly unveiling new attractions, many of which are based on popular movies and TV shows, ensuring a built-in audience. Park visitors, looking to make the most of their trip, are choosing their destination based on park reputation, and appealing attractions for kids and adults alike.

This report looks at the following areas:

Revenue generation the result of increases in attendance and guest spend
Reputation management essential
Attractions linked to popular media characters come with built-in audience
Invest in attractions for family members of all ages
Incorporate technology to streamline guest experience
Strategic use of popular media characters provides continued returns


OVERVIEW
What you need to know
Definition
Executive summary
The issues
Figure 1: Top 20 theme parks in North America, percent change in attendance, 2012-13
Figure 2: Very important theme park attributes, February 2015
The opportunities
Figure 3: Adults’ and teens’ past 12 month theme park visitation, kids’ theme parks visitation incidence, 2008-14
Figure 4: Most recent theme park visit – purchase/use - technology, February 2015
What it means
THE MARKET
What you need to know
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
Strong growth predicted to continue
Figure 5: Total US revenues and fan chart forecast of theme parks, at current prices, 2009-19
Theme park growth outpaces adjacent markets
Figure 6: Total US revenues and forecast of theme parks, at current prices, 2009-19
Market influenced by increased DPI and reduced PSAVERT
Figure 7: Disposable personal income and personal saving rate, January 2005-January 2015
Market breakdown
Per capita guest spend crucial to overall market health
Figure 8: Percentage change in attendance and per capita spending for major parks, 2011-13
Disney leads theme park market in revenues
Figure 9: Annual revenues ($ millions), 2013 and percent change 2012-13
The virtuous circle of movies and theme parks
Market perspective
Almost all travel sectors experiencing growth
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
Figure 11: International visits to the US, 1999-2014
Market factors
Increasing diversity in the US drives attendance
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
Figure 13: US population <18, by age, 2015 versus 2020
KEY PLAYERS
What you need to know
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
Major theme park brands see increases in attendance and revenues
Figure 14: Top 20 theme parks in North America, by attendance, 2013
Figure 15: Top 20 theme parks in North America, percent change in attendance, 2012-13
Attributes of leading brands
Leading brands are considered exciting, innovative – but overpriced
Figure 16: Correspondence Analysis – Theme park brand attributes, February 2015
Figure 17: Theme park brand attributes, February 2015
What’s working
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
Parks offer seasonal entertainment beyond fixed attractions
Facing challenges
Brand reputation suffers in light of negative press
Social media campaigns amplify public sentiment
Measles outbreak at Disneyland prompts parental concerns
What’s next
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
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
Families with children aged 6-11 are key demographic
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
Figure 19: Adults’ and teens’ past 12 month theme park visitation, kids’ theme parks visitation incidence, 2008-14
Teens visit with family or friends
Figure 20: Theme park companions of teens, November 2013- December 2014
Planning a theme park trip
Destination parks spur longer vacations
Figure 21: Duration of most recent theme park trip, by destination and regional park type, February 2015
Trip planning likely handled by one person
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
Figure 23: Theme park trip planning process, by destination versus regional parks, February 2015
Destination trip planners consider co-located parks
Theme park attributes
Appealing to kids is the most important consideration for parents
Admission cost not the primary consideration
Figure 24: Very important theme park attributes, February 2015
Theme park purchases and activities
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
Figure 25: Most recent theme park visit – purchase/use – food/beverage, tickets, February 2015
Mobile payment systems may increase in-park spending
Figure 26: Most recent theme park visit – purchase/use – activities, souvenir, technology, February 2015
Strong interest in adult-centric activities points to opportunity
Figure 27: Preferred vacation activities for adults, November 2013-December 2014
Appendix – Data sources and abbreviations
Data sources
Fan chart forecast
Abbreviations and terms
Appendix – The market
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
Appendix – The consumer
Figure 30: Kids’ action figures, November 2013- December 2014
Figure 31: Kids’ influence on vacation choices, restaurants on vacation, and vacation activities, November 2013- December 2014
Figure 32: Preferred vacation activities, November 2013- December 2014

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