As a film enthusiast and parent, I can relate to the financial strain some families face when planning a Disney theme park trip. Having fond memories of my own childhood experiences at Disneyland, I understand the desire to create similar memories for my children. However, the rising costs and debt that some parents are taking on to make these trips a reality is concerning.
According to a recent survey, an increasing number of Disney park goers have had to borrow money due to inflation and heightened theme park expenses in order to afford their visits.
Approximately one quarter of Disney theme park visitors have accrued debt for their trips, marking an increase from the 18% reported in 2022 according to a recent Lending Tree survey involving around 2,000 respondents. This percentage rises to over half (45%) among parents with minor children.
According to the survey, parents of young children typically accrued an average debt of $1,983 for Disney-related expenses. The largest contributor to this unexpected spending was found to be concessions, while transportation costs and accommodations also played a significant role.
Nearly six in ten parents who borrowed money for Disney trips expressed no regret over their financial decision.
Many parents view taking their children to Disney as a cherished tradition, a memorable experience from their own childhood that they wish to share. Due to the emotional significance of this journey, they are frequently open to incurring debt to make it happen. (Matt Schulz, LendingTree chief credit analyst)
The survey failed to identify which parks the respondents had been to, be it in the US or abroad. Debt, as defined by Lending Tree, encompasses various forms such as credit card debts, personal loans, mortgage borrowing, and loans with accruing interest.
A Disney representative was not immediately available for comment.
At Disneyland Resort in Anaheim, they introduced a flexible pricing scheme back in 2016. This means that ticket prices vary depending on the demand – they’re lower when fewer people are expected and higher during busier periods. For a one-day pass to a single park, the price can fluctuate between $104 and $194. However, if you purchase multiple tickets for weekdays, the minimum daily price may drop down to $83.
Disney enthusiasts have expressed disappointment over rising ticket costs and the introduction of fees for perks that used to be complimentary.
In an admission last year, Bob Iger, CEO of Walt Disney Co., acknowledged that the entertainment company had been overly aggressive with its pricing in an attempt to boost profits. As a result, Disney added more low-priced days and brought back some complimentary extras.
As a movie buff and Disney enthusiast, I can tell you that Disney’s “experiences” sector, which is largely driven by its theme park business, accounted for approximately 70% of the company’s operating income last year. Now, Disney is gearing up to pour an astounding $60 billion into this division over the next decade. A significant chunk of that investment will go towards enhancing its beloved theme parks.
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2024-07-18 22:16