Global Theme & Amusement Park Industry
The global amusement and theme park market is a part of the broad leisure industry. This sector is expected to generate revenue of almost $32 billion by 2017, according to research from Global Industry Analysts.
Though the industry was negatively impacted by the economic recession in 2009, it entered into a phase of recovery in 2010 and 2011. Going forward market growth will be fuelled by rising consumer spending on leisure and entertainment, increasing levels of disposable income, and higher mass entertainment popularity. Urbanization in developing countries and an expanding base of middle-class households will also drive demand.
Theme parks involve specialized entertainment with a specific theme, offered at outdoor sites. Traditional theme parks feature a range of games, concerts, rides and events organized around a theme such as movies, myths and legends, countries, and fairy tales. Theme parks are popular outings for family leisure activities and entertainment.
The US and Western Europe are established markets where theme park visitor attendance has been stabilizing over recent years. Obstacles to market growth in this sector mainly originate in rivalry from other entertainment options, widening deficits, and unemployment.
Regional Market Share
The US amusement parks industry continues to record strong growth, with visitor attendance forecast to grow over the coming years, reports Taiyou Research. As the US economy continues to recover from the lows of the recession, growth in its travel sector is expected boost amusement park revenue. Leading names in the US amusement park industry include Six flags and Walt Disney and Cedar Fair.
IBIS World forecasts that amusement parks will attract more consumers by adding new attractions. Growth will also be driven by improving consumer confidence due to economic recovery, giving rise to growing demand for entertainment. Leading outfits will concentrate on international expansion to bring in more revenue and parks across the board will attract customers through special packages and offers in domestic sites.
With visitor attendance numbers continuing to climb, along with in-park spending, amusement park foodservice sales in the US have exceeded prerecession levels, with continued growth expected through 2014, reports Packaged Facts. Amusement park foodservice strategies are influenced by domestic restaurant brand opportunities, demand for healthier foods, entertainment district growth, and evolving marketing tactics. Companies focus on finding the right foodservice solution for the specific food preferences and habits of each specific amusement park and its guests. Amusement park outfits research park visitation behavior, attendance trends and guest demographics to boost foodservice revenue.