디즈니 파크 비용 상승과 소비자 부채 문제

### 디즈니의 비용 상승: 여전히 마법의 가치가 있을까요?
* 🏰 디즈니 파크는 향수를 불러일으키는 에너지로 **어린 시절의 추억**이 만들어지는 전형적인 미국 휴양지입니다.
* 💸 그러나 디즈니월드 1일 입장권 가격은 **2012년 평균 89달러에서 2022년 147달러로 연 5%의 성장률**을 보이며 급등했습니다.
* 📉 2024년 3분기에 **58억 달러의 수익**을 올렸음에도 불구하고 디즈니의 영업이익은 **6% 감소**했는데, 이는 '소비 환경의 약화'와 물가 상승으로 인한 수요 감소에 기인한 것으로 보입니다.
* 💔 현재 디즈니에서 하루를 보내는 평균 가족은 **886달러라는 엄청난 비용**을 부담하고 있으며, 이는 **2017년 이후 44% 상승**한 수치로 전국 물가 상승률인 24%를 상회하는 수치입니다.
* 💳 한 설문조사에 따르면 18세 미만 자녀를 둔 부모 중 **45%가 디즈니 파크 방문을 위해 빚을 지고** 있으며, 평균적으로 **한 가족당 약 2,000달러의 빚**을 지고 있는 것으로 나타났습니다.
* 🏖 디즈니가 럭셔리 여행 옵션과 경쟁하면서 **많은 가족들이 비용을 정당화하기가 점점 더 어려워지고** 있으며, 일부 오랜 팬들은 **다른 휴가 경험**을 찾고 있습니다.
* 👶 디즈니는 **9세 미만 어린이에게 50달러 티켓**을 제공하는 등 어린이를 위한 경제성을 유지하기 위해 노력했지만, 전반적인 가격 전략으로 인해 일반 가족의 접근성에 대한 우려가 계속 제기되고 있습니다.
* 🌍 물가 상승에도 불구하고 디즈니는 **2023년 1억 4,200만 명의 방문객**을 기록하며 전 세계에서 가장 많은 방문객이 방문하는 테마파크 운영사로 남아 있으며, 이는 디즈니 체험의 매력이 여전히 많은 가족에게 강력하다는 것을 나타냅니다.

디즈니 파크는 환상적이긴 하지만 점점 더 비싸지고 있어 가족들이 빚을 내서 방문해야 하는 상황입니다.

Disney World and Disneyland, the quintessential American vacation. There is something about the energy in a Disney park at dusk that is, I hate to use the word magical, but kind of. There's something about it, a place where magic comes to life, where childhood memories are made. A trip to Disney for parents and for little kids is really a rite of passage in this country, practically. From the early days of Frontierland and Pirates of the Caribbean to modern-day editions like Star Wars Galaxy's Edge, the Disney parks have brought in guests from far and wide. I mean, who can forget their first step onto Main Street USA, the castle, the characters, the food, the balloons, the I'm sorry, this balloon cost how much? What's happening now is Disney is an incredibly expensive and incredibly magical experience. Disney's park prices are up more on average than in a normal year. A one-day base-level ticket to Disney World was averaged $89 in 2012 and averages averaged $147 in 2022. And that the growth rate of that

cost has been about 5% annually, but in its Q3 2024 results, Disney reported disappointing park numbers, with operating profits dropping 3% year-over-year, a concerning trend from one of the company's biggest moneymakers, and another blow to a stock that's down more than 15% in 6 months. The price hikes at parks was enormous over the last few years, same for some of the food, you know, just every time they could, they would either make packages smaller, higher price, whatever. If that consumer is just pushing back on that, Disney blamed the slip in performance on a softening consumer environment, saying demand isn't where they thought it would be, an issue it said could linger for several quarters, meaning Disney parks are not immune to what is becoming an industrywide issue. Universal's parent company, Comcast, saw a nearly 11% drop in theme park revenue, driven by lower attendance in that same quarter. Certainly, there are going to be questions about the health of the consumer and whether the company got

ahead of itself in its pricing. Above the entrance to the Disneyland park, that was a quote from Walt that says, To all who come to this happy place, welcome. And we focus our energy on the all, but is it really, or is a trip to Disney just getting too expensive for inflation-weary American [Music] families. Parks is huge as an investor for Walt Disney Parks because it's about 40% of their total revenue, but it's 2/3 or 65% of their total operating profit. When it comes to Disney's profits, its Park business plays a huge role. In Q3 2024, Disney's domestic Parks brought in $5.8 billion, a 3% increase from the year prior. However, its operating income for the same period actually slid 6% year-over-year. Everything post-COVID is going through the roof because a lot of these physical venues closed for a year or two because of COVID, and now they have to make up also a lot of increases in labor costs given that linear

television has been disappointing Disney and everybody else in that business for the last decade. It stands to reason that Disney might have responded to that by pricing its parks a little more aggressively in order to prop up its financial results. Well, Disney acknowledged a slowing consumer environment as reasoning for a drop in demand. It also notes it saw an uptick in guest spending at the parks due to its higher prices, things like food or merchandise or upgraded park passes like Genie Plus, ways to skip lines, or a lot of ways Disney gets you to spend more even when traffic stagnates. Over the past 10 years, the average cost for a Disney World single park ticket has inflated more than 56%, well above the national rate of inflation. And that, of course, doesn't include the cost of food, merchandise, Lightning Lanes, hotels, and airfare. At a glance, looking at how the Disney experience has evolved, it's gotten a lot more difficult for the average person to jump into. This is Jake Williams. He's a

YouTuber and travel blogger set out this year to answer the same question: has Disney gotten too expensive? So, he went to Disney World and compared the price of a one-day trip in 2024 to that same trip in 2017. So, when we add everything up: the hotel, the park, the park add-ons, all the food, the total cost for a single day at Disney for two adults came out to a jaw-dropping $886,000 $67. That's almost a $320 difference between two trips. That's a 44% increase in just 7 years, far outpacing inflation, which is around 24% since 2017. Is a park experience also feels more crowded and worse overall despite there being less people in the Parks this year? We're back to a point where things should be returning to normal, but usually, we don't see the consumer experience following that Trend. But while prices on everything from hotels and photo passes to Mickey ears and churros have been climbing, Disney Parks has kept its lowest ticket tier.

staple since 2019 at Walt Disney World. That's $109 for a single day, single Park ticket on off-peak days. When you begin to think about, you know, inflationary pressure and disposable income and some of those components that weigh on consumers, we hear that very clearly and we react to that with, again, offers or ways for people to go from, Well, I was going to come on a Thursday and the price is one number on a Thursday, or I could come on a Tuesday and the price is a different number. There's flexibility and options for our guests, and I think that's what they're now being more careful and thoughtful as they make their choices. Another frustration from Disney goers over the past 10 years: the Parks have been chipping away at previously free amenities, things like the fast pass system, which was replaced in 2014 by Magic bands, and then again by Genie plus, and now Lightning Lanes, which now start at $30 per ticket per day. And those previously free Magic bands given to

Resort guests are now only available to purchase. Even the free shuttle bus between the Orlando Airport to Disney World Resort has been replaced with a private for-cost bus company. When you look at all the stuff that they’ve been making a lot more expensive or just eliminating complimentary altogether, that to me seems anti-consumer. You know, there's no benefit to the consumer. But what about guests that are going for more than one day with Disney World, for parks and Disneylands? Guests often visit for days at a time, packaging Park Hoppers, Lightning Lanes, Resort stays, and character dinners. The average cost of a five-night Disney World vacation in 2024, with all the bells and whistles, comes to around $5,000. Comparatively, a high-end trip to Mexico costs around $6,000. Disney has positioned a multi-day trip to Disney World as a form of upper-middle-class luxury travel and priced it accordingly. The median annual income in the United States is $74,500, meaning a family of four bringing in an average salary would need

to pay almost an entire month's income for a multi-day trip to Disney World continues to be a premium experience that puts pressure on the more price-sensitive cohort of customers that want to go there and struggle with the cost. Of course, Disney isn't the only theme park to raise prices. A one-day single Park ticket at Universal Studios Orlando now ranges between $119 to $179, an increase of up to $20 in just one year, keeping pace with Disney World's one-day ticket average of $147. An average 3-day, 4-night trip for a family of four to Universal Orlando comes in at around $4,700, comparable to an even longer 5-night trip at Disney World. But while Parks like Universal Studios Orlando see significantly fewer guests annually, it's also been able to stabilize its annual visitation post-pandemic, where Disney World in Orlando has yet to see its visitation fully recover. Universal can rise above it because it rides on Disney's coattails. Disney parks are the primary driver of visitation to Orlando.

and once people make the decision to visit Universal, it is an attractive stop for a lot of them. In that way, it's interesting to consider whether Universal would succeed without a Disney nearby. I think it's fair to say that attendance and prices would be lower, that the business wouldn't be as good if it weren't drafting off of the visitation driven by Disney. So then, that begs a question: if it's gotten too expensive to go to Disney, how are people paying for [Music]? The power of the Disney brand and their connection with so many American families is so strong that there's always going to be people who are willing to go into debt to go to one of these parks. A recent survey of 2,000 people by Lending Tree found 45% of parents with children under 18 who visited a Disney park took on debt to do so. If we brought that out to all Disney goers, almost a quarter of all visitors take on some form of debt to visit the parks, a trend that's actually

not exclusive to Disney Parks. Another survey found 36% of US travelers plan to take on debt for their summer trips this year. There's so much pressure to a degree that parents put on themselves to make this happen, and there's also kind of the keeping up with the Joneses thing as well. It is expensive just to get in the park at Disney. Then you have hotels and airfare and on down the line. Disney World or Disneyland, depending upon your location, is basically a tax on being a parent. But just how much debt are people taking on? The average family with young kids is taking on a little less than $2,000 in debt, and all Disney goers who are taking on debt are taking on between $6 and $1,700. For many park goers, the added debt is worth it. 59% of those who took on debt for Disney said they had no regrets, with a Disney trip falling into what some would consider good debt. For a lot of people, the pandemic kind of changed their views on things, and they

made them think of how fragile life can be. So, if there's something that they want to do, whether it's going to Disney or starting a small business or anything in between, a lot of people are still saying, You know what? I'm just going to jump in. No better time than now. And this brings up another question: Do higher prices actually change people's minds about going to Disney? Well, according to that same survey, yes. When it came to people who had never visited a Disney park, over half, 60% of respondents, said cost was the number one factor. Most of the spending at Disney World is done by middle and upper-middle-class families. Clearly, a lot of Americans are willing to take on a little bit of debt for this sort of trip. We also see that for maybe more Americans, that extra cost, that extra debt that they'd be bringing on, is just a bridge too far. And but what about Disney's super fans, the die-hards, annual passholders, Disney Vacation Club members? Are higher prices turning them away? [Music]

I'm a long-term Disney passholder and, you know, traveler of probably 50 or 60 trips in the last 25 years or so. So, when I first was able to go as a young adult, you know, I was just blown away, and it really started a love of, you know, allocating a few of my vacations a year would be to go to Disney. This is Brian Brennan. Brennan was a Disney passholder for almost 20 years, a Disney World devotee that would take several trips to Orlando every year. The math would work out to where, oh, it's a better option for me to be a passholder, get some discounts on dining, I get free parking. So, the perks times the number of days going, you know, made it financially viable. That is until this past year when he decided not to renew his annual pass. Then they took the fast passes away, then they took the extra magic hours away, and then suddenly you wake up one day and you go, you know, the 10% refund that I'm getting on discount.

at uh restaurants isn't necessarily adding up to the value when all those other things have gone away. There is a sunk cost fallacy with Disney, where people have put so much time, so much of their identity is associated with Disney and the parks. It's hard to admit when the company is diluting what you loved. After canceling his annual pass, Brennan has started using his money to travel elsewhere. Lately, I've found a lot of value in going on a cruise. I'm going to go on this beautiful ship, and they're going to give me all of my meals and all of my drinks, and they're going to take me to Bermuda. And I couldn't even, you know, get into a Disney moderate Resort. Forget the food, forget the tickets, you know, on the same price as that. If you have enough money to afford to come to the Walt Disney Parks every year, you also have a lot of other choices. So, you're probably not coming every year, and that's the problem for Disney. Catering to wealthier Travelers means

catering to people that often have more options when it comes to where they travel. Meaning Disney parks are now competing with luxury spots, places like Veale or the Bahamas, where a high-end vacation costs just a couple thousand more. If you price it out, you can do a lot of stuff with the price that it costs to go to Disney. When going to a domestic theme park is costing more than, say, like, Hey, we could spend a week in Paris, you know, it really is going to start making that choice more difficult. I think what we're seeing is consumers have a lot of choices, and they're making thoughtful decisions as to where they want to go, which means it's a competitive environment, which means that we need to be smart and thoughtful about making sure we're listening to what their needs are and how do we appeal to their [Music] needs. The idea here is to make this wonderful, beloved resort, or really any of our parks around the world, you know, accessible to as many people as we

possibly can there are areas is where Disney Parks have started to make changes. Every decision they make at this in this Corporation is what would Walt do. And so when Bob Iger answers that question, Walt would not do that. He changes something since returning to the Helm of Disney in 2022. CEO Bob Iger has already made steps to reverse some Co era changes that weren't the most popular with guests. Things like bringing back free parking for Resort guests and retooling Genie plus into the lightning Lanes with the new app offering additional perks to guests staying on Disney property. The notion that we give more privileges to people who stay in our Resort and stay 7even days than we do people who don't stay in our Resorts or only stay two days like that's really smart because it keeps money in the Disney ecosystem. And at the end of the day, they're trying to create Disney super fans. Disney is playing an extremely long game, a generational long game, with the end goal of making lifelong Disney F. And if families are

priced out. That means less trips, less magic, and less like lifetime super fans. Disney already announced it is raising ticket prices again by $5 to $10 for some tickets in 2025. If you have seven days with your kid in a Disney park, the odds are you might be a super fan, but more likely your kids are going to be super fans forever, and that's what they're going for. And that's one group Disney parks are actively working not to price out: kids. We have a $50 kids ticket. Children under nine can come to this park for $50. We have our lowest entry point ticket is $104, and by the way, hasn't changed in 5 years. The reality is Disney parks are still the most visited theme parks in the world, with 142 million visitors across all its parks in 2023. That leads us to the big question: does it matter? Disney is still the top global theme park operator in the world, so are rising prices enough to make a serious dent in their visitation? One of

the things that we're getting time and time again is our guest satisfaction is terrific. Our intent to return, our intent to visit, you know, people want to come here because of the totality of what we offer and the value that we deliver. Our that is that there is not a breaking point that people will continue to pay the Parenthood tax that is Disney. If people don't vote with their wallet and aren't vocal about these changes across the industry, not just Disney, across the whole travel industry, then nothing's ever going to change. [Music] [Music]

How Disney Vacations Became Too Expensive For Many Americans

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디즈니 파크는 전형적인 미국 휴가지로, 2012년 평균 89달러였던 티켓 가격이 2022년 147달러로 크게 상승했습니다.

가격 인상에도 불구하고 디즈니는 2024년 3분기 영업이익이 전년 대비 3% 감소하는 등 실망스러운 공원 실적을 발표했습니다.

디즈니의 공원 사업은 전체 매출의 40%, 영업이익의 65%를 차지할 정도로 중요하지만, 소비 환경의 둔화와 비용 상승으로 인해 어려움을 겪고 있습니다.

디즈니의 비용 상승과 변화하는 경험

디즈니는 실망스러운 텔레비전 수익을 상쇄하기 위해 파크 가격을 인상해 왔으며, 지난 10년간 단일 파크 티켓 비용이 56% 상승했습니다.

한 유튜버가 2024년과 2017년의 하루 여행을 비교한 결과, 성인 2명의 총 비용이 44% 인상된 것으로 나타났습니다.

가격 인상에도 불구하고 디즈니는 2019년부터 가장 낮은 티켓 등급을 유지해왔으며, 현재 게스트에게 유연한 가격 옵션을 제공하고 있습니다.

디즈니 월드와 유니버설 스튜디오의 비용 상승

디즈니월드는 무료 서비스를 없애고 가격을 인상하여 며칠간의 여행을 중산층 이상의 사치품으로 포지셔닝했습니다.

2024년 5박 6일 디즈니월드 휴가의 평균 비용은 약 5,000달러로, 평균적인 미국 가정에 재정적 압박을 가하고 있습니다.

유니버설 스튜디오 올랜도 역시 가격을 인상했지만, 디즈니가 인근에 위치한 덕분에 연간 방문객 수는 팬데믹 이후 안정세를 보이고 있습니다.

많은 미국 여행객들이 여름 여행을 위해 빚을 지고 있으며, 어린 자녀가 있는 가정의 경우 평균적으로 2,000달러에 가까운 빚을 지고 있습니다.

재정적 부담에도 불구하고 디즈니 여행을 위해 빚을 진 응답자의 59%는 이를 "좋은 빚"이라고 생각하며 후회하지 않는다고 답했습니다.

디즈니 파크를 한 번도 방문한 적이 없는 사람들은 높은 가격을 중요한 요인으로 꼽았으며, 응답자의 60%가 비용을 주된 이유로 꼽았습니다.

고객 유지를 위한 디즈니의 노력

최근 디즈니의 변화와 비용 상승으로 인해 부유한 여행객들이 더 많은 휴가 옵션을 갖게 되면서 고객 충성도가 떨어지고 있습니다.

이러한 여행객을 만족시키기 위한 디즈니의 노력은 경쟁 환경을 조성하여 연간 방문객을 유지하기 어렵게 만들었습니다.

CEO 밥 아이거가 복귀하면서 디즈니의 평생 팬을 육성한다는 목표 아래 인기 없는 변화를 되돌리고 고객에게 더 매력적인 경험을 선사하기 위한 노력이 시작되었습니다.

디즈니의 티켓 가격 인상과 그 영향

디즈니는 2025년에 티켓 가격을 5달러에서 10달러로 인상하여 어린이를 평생 열성 팬으로 확보할 계획입니다.

2023년에도 여전히 1억 4,200만 명의 방문객을 유치하여 전 세계에서 가장 많이 방문하는 테마파크의 지위를 유지할 것입니다.

가격 인상에도 불구하고 방문객의 만족도와 재방문 의향은 여전히 높기 때문에 비용 상승이 방문에 미치는 영향에 대한 의문이 제기되고 있습니다.