GooseOnTheLoose
TS Member
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The market won't and can't sustain higher prices across the board. Leisure and hospitality spend has severely dropped this year, which is a trend that started during COVID and continued through the cost of living crisis (which hasn't gone away).I always wonder why UK theme parks charge so little for entry, and then often under-staff them (not running all trains, suboptimal loading/unloading). Entry to most UK parks only slightly more expensive than parking at many US theme parks!
US theme parks have different economic models. They're destinations. The country is so large that a visit to a notable theme park (not local amusement) takes several days and the experience better be worth it. It helps that the weather in California and Orlando is desirable.
In contrast UK parks are day outs (singular), perhaps you might stretch to a single night's stay if you're travelling from Kent to Towers, but not much more. Our geography makes this possible, which means that parks don't have to entice people for multiple day stays, or to go out of their way to visit.
When you've established that the British typically visit a theme park for a single day out, you then have to price yourself accordingly with the rest of the day out market. Open air museums, outdoor activity centres, escape rooms, bowling, the cinema, heritage railways, zoos, etc. Entry prices are competitive, to encourage visitation, with the hope that spend in the park will be comparable or higher.
We talk about the UK theme park industry being a practical monopoly. A monopoly can truly charge what it wants and people have to pay it, because there's no other choice. The UK theme park market may be largely dominated by a single player, but the theme park industry isn't a monopoly on day outs.
In the US the vacation industry is dominated by Disney. "Now you've won the Superbowl, what are you going to do?", "I'm going to Disney World!". Prices to Disney World have increased by 91% over to past 10 years. They can do this because they have the product people want and desire, through clever marketing and remaining relevant to American culture. Disney charges through the nose, so every other operator can too. American parks don't set their prices based on day out leisure activities. American parks set their prices based on a multiple day entry to Disney.