Theme park sector a “recession buster” – report
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The theme park sector is more resilient than other leisure markets in times of recession, a new report has found.
According to a US study conducted by Mintel, the value of the American theme park market is expected to hit a record-breaking US$14.4 billion in 2013. This followed a record-breaking year in 2012 in terms of visitor numbers, and according to Fiona O’Donnell, lifestyle & leisure analyst at Mintel, this rebound demonstrates a level of resilience not seen in other sectors.
“The theme park business has recovered from the recession much faster than some other leisure markets. A record number of visitors passed through the turnstiles in 2012, drawn by elaborate new attractions and assorted pricing schemes to suit a variety of budgets. Major operators continue to upgrade their parks and 2013 is shaping up to be another record-breaking year,” said Ms O’Donnell.
She added however, that theme parks can grow revenues further by incorporating “gaming and the internet” into their product ranges and by “alleviating wait times through technology”.
This assertion was backed up by Mintel’s research, which found that 76% of visitors believe theme parks should use technology to manage waiting times, while consistently around 15-20% said they had visited the park’s website or social media pages before coming.
“Social media has proven to be a key medium for brands looking to reach potential visitors and as a way to keep fans engaged long after they’ve left the park,” added Gabi Lieberman, social media analyst at Mintel. “For theme parks… using social media to keep people excited and talking about the brand is crucial.”
Mintel did note one worrying trend however; that teen visitation to theme parks has dropped over the past five years, from 76% in 2007 to 67% in 2012. And while the Mintel research was only undertaken in the US, global theme parks can take note of the need to engage more with younger visitors in order to boost demand from this key market.
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