According to Mintel, theme park revenues are expected to grow between 3% and 4% per year between 2011 and 2015, after having dropped 5% in 2009.
"We're on the slow climb (up)," Fiona O'Donnell, senior analyst at Mintel, told Marketing Daily. "I don't know if that means we're heading for a big dip. Because there have been a lot of innovative new rides introduced, people still want to go to theme parks."
Although questions about higher gas prices and fears of a double-dip recession could pressure those revenue projections, the allure of new rides, shorter lines and grown-up entertainment options is helping lure future visitors. Nearly 40% of consumers said they would visit a park to try out a new ride or attraction and nearly as many said they would pay more to avoid long lines.
However, the bread-and-butter demographic for theme parks is teenagers. They were three times more likely to have visited a park in the past year than adults (70% vs. 23%), and their most popular destination was the Six Flags parks, according to the report.
Despite consumer gripes about inflated concession prices, admissions still account for nearly three-fifths of theme park annual revenues, with food and beverage and merchandise only accounting for 17% and 10%, respectively.
Theme parks, however, could increase revenue from concessions and merchandise by offering online coupons, O'Donnell says. According to Mintel, one-third of consumers said they buy admission tickets online. Offering coupons for entertainment, food or merchandise that print out along with a guest ticket could increase those revenue streams.
"It seems like (that) would be the obvious next step, even with the games and entertainment to entice certain segments to buy some tickets ahead of time," O'Donnell says.
(Source: Marketing Daily, 07/15/11)
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