China Theme Parks Market Report 2023
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“The theme parks market is worth investment as it is forecast to have positive growth prospects from 2023 with the easing of COVID-19 pandemic prevention policy. Great enthusiasm of travel and leisure activities has been seen among consumers. With increasing international brands joining in the competition, local theme parks brands have to keep their development through IP acquisition, product and services innovation, digitisation and marketing activities. Females aged 25-39, families with more than one child, and young consumers aged 18-29 with a high household income are theme park enthusiasts who also have high willingness and budget to pay for exclusive services in-park. Theme park operators are advised to strengthen membership programs, offer exclusive services and leverage the power of IPs to optimise earnings.”
– Shannon Liu, Senior Research Analyst
Key Issues covered in this Report
- Market size and forecast of China’s domestic theme park market as well as leading players’ market share.
- Innovative practices and new products by theme park brands that can be inspirational to stakeholders in the industry.
- Detailed analysis on consumer visit rate and frequency of different theme parks in the last 12 months, deep diving into consumer demographics and user preferences.
- Future business opportunities in terms of consumers’ interest in products and services of theme parks and theme park hotels.
- Explore consumers’ budgets and attitudes towards exclusive services in-park to discover future opportunities for theme park operators.
- Discover current main issues in-park that consumers would like to see improvements on.
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Overview
- What you need to know
- Key Issues covered in this Report
- Covered in this Report
- What you need to know
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Executive Summary
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- The Market
- Theme park market is forecast to have positive growth prospect from 2023
- Figure 1: Best- and worst-case forecast for theme park visiting volume, 2017-27
- Theme park has become the most popular holiday activity enjoyed by consumers
- Intense competition between international and local brands
- Digitisation helps theme parks improve operation efficiency and optimise customer experiences
- Companies and brands
- Overseas Chinese Town Group has gained share in visitor volume with the growing popularity of local/short-haul holidays
- Figure 2: Market share of theme park companies, by volume (total number of visitors), 2019-22
- High-end theme parks are gaining share by value
- Figure 3: Market share of theme park companies, by value, 2019-22
- Slow down new opening speed with an asset-light investment strategy
- Resort-type theme parks keep expanding
- LEGOLAND Shanghai Resort will join the competition in 2024
- Rise of niche parks featuring special theme/IPs to target specific consumer groups
- Revitalising retail spaces will help theme parks gain extra revenue
- The consumer
- Universal Studios joins the competition – mainly attracting females aged 30-39 with high income
- Figure 4: Visitation in the past 12 months, 2021 and 2022
- Immersive events with themed decoration draw the highest interest
- Figure 5: Ranking of interested theme park products or services, 2022
- IP is the unique selling point for theme park hotels
- Figure 6: Interested features of theme parks hotels, 2022
- Consumers are willing to pay extra for special in-park services
- Figure 7: Budget for exclusive services, 2022
- Crowdedness or long queue is the top issue
- Figure 8: Areas for improvement, 2022
- Good value of admission tickets can motivate consumers to visit more often
- Figure 9: Attitudes towards theme/amusement parks – Ticket purchase, 2022
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- Figure 10: Attitudes towards theme/amusement parks – Discount on admission tickets, 2022
- Figure 11: Attitudes towards theme/amusement parks – Purchasing channels, 2022
- What we think
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Issues and Insights
- Retain and cultivate loyal consumers through dedicated CRM (Customer relationship management)
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- Figure 12: Membership benefits content of Six Flags based on tiers, 2023
- Explore the potential of a flourishing silver economy
- Enrich exclusive services to elevate non-ticket revenue
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- Figure 13: VIP Experience content by Universal Studios Beijing, 2023
- Retain and cultivate loyal consumers through dedicated CRM (Customer relationship management)
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Market Size and Forecast
- Theme park visitor volume is forecast to see positive recovery from 2023
- Figure 14: Best- and worst-case forecast for theme park visiting volume, 2017-27
- Market value will recover faster with consumption upgrade
- Figure 15: Best- and worst-case forecast for theme park market value – spending, 2017-27
- Theme park visitor volume is forecast to see positive recovery from 2023
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Market Factors
- Theme park is the most popular holiday activity enjoyed by consumers
- Intense competition between international and local brands
- Theme park brands invest in digitisation to improve operation efficiency and optimise customer experiences
- Figure 16: Tapu Tapu waterproof bracelet by Universal Orlando Resort, 2019
- Theme park is the most popular holiday activity enjoyed by consumers
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Market Share
- Rising popularity of local/short-haul travel helped Overseas Chinese Town Group gain visitor volume share during the pandemic
- Figure 17: Market share of theme park companies, by volume (total number of visitors), 2019-22
- High-end theme parks are gaining share by value
- Figure 18: Market share of theme park companies, by value, 2019-22
- Rising popularity of local/short-haul travel helped Overseas Chinese Town Group gain visitor volume share during the pandemic
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Marketing Activities
- Guochao-themed shows help Happy Valley attract young visitors
- Figure 19: Guochao-themed electronic music festival by Happy Valley Beijing, 2022
- Night-time economy expands consumption occasions
- Figure 20: Night-time lighting shows by Happy Valley Beijing, 2022
- Haichang Ocean Park heavily invested in crossover marketing campaign with TV shows and social media channels
- Figure 21: The Reality show by Tencent Video and Haichang Ocean Park, 2022
- Guochao-themed shows help Happy Valley attract young visitors
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New Product Trends
- Slow down new-opening speed with an asset-light investment strategy
- Resort-type theme parks keep expanding
- OCT Fabland Resort expanded with Fantasy Valley
- Figure 22: OCT Fabland Resort offering one-stop solution for theme park enthusiasts and vacationers, 2023
- LEGOLAND Shanghai Resort will join the competition in 2024
- Figure 23: The model of LEGOLAND Shanghai Resort, 2022
- Rise of niche parks featuring special theme/IPs to target specific consumer groups
- iQIYI launched metaverse-themed park in Shanghai
- Figure 24: The Luoyang VR Project, 2023
- Pets Eden appeals to young families with nature-inspired parent-kids activities
- Figure 25: Pets Eden, 2021
- Unique Henan – Land of Drama has a special focus on regional art, culture and history
- Figure 26: Unique Henan – Land of Drama, 2023
- Revitalise retail spaces in theme parks
- Figure 27: POPMART retail store in Universal Beijing Resort, 2023
- Figure 28: Metaverse-themed retail space by Beijing Happy Valley, 2022
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- Figure 29: Ultraman universe in Shanghai Haichang Ocean Park, 2022
- Slow down new-opening speed with an asset-light investment strategy
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Visitation and Frequency
- Universal Studios joins the competition – mainly attracting females aged 30-39 with high income
- Figure 30: Visitation in the past 12 months, 2021 and 2022
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- Figure 31: Target consumer composition index*: age and gender, by brands, 2022
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- Figure 32: Target consumer composition index*: monthly household income, by brands, 2022
- Consumers in tier 1 cities enjoy more theme park brand choices
- Figure 33: Average number of theme park brands visited, by city, 2022
- Happy Valley enjoys highest consumer loyalty
- Figure 34: Proportion of repeated visitors and high-frequency visitors*, 2022
- Theme park brand enthusiasts have a diverse profile
- Figure 35: Visiting frequency, by special target consumer groups, 2022
- Figure 36: Interest in theme park products or services: any selected, by special target consumer groups, 2022
- Universal Studios joins the competition – mainly attracting females aged 30-39 with high income
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Interested Products or Services
- Immersive events with themed decoration draw the highest interest
- Figure 37: Ranking of interested theme park products or services, 2022
- Attracting young visitors with waterparks, immersive shows and thrilling experiences
- Figure 38: Interest in theme park products or services: any selected, by age, 2022
- Senior consumers have special interest in history/culture-related elements
- Figure 39: Interest in theme park products or services: any selected, by age, 2022
- Immersive events with themed decoration draw the highest interest
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Interested Features of Theme Park Hotels
- IP is the unique selling point for theme park hotels
- Figure 40: Interested features of theme parks hotels, 2022
- Families with more than one kid need special products and services
- Figure 41: Interested products and services, by family structure, 2022
- IP is the unique selling point for theme park hotels
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Budget for Exclusive Services
- Consumers are willing to pay extra for special in-park services
- Figure 42: Budget for exclusive services, 2022
- Families with more than one kid have exceptionally high budget for special in-park services
- Figure 43: Average budget* for exclusive services, by family structure, 2022
- Interacting with IP characters and special seating for shows/events appeals to well-educated consumers
- Figure 44: Average budget* for exclusive services, by education level, 2022
- Consumers are willing to pay extra for special in-park services
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Areas for Improvement
- Crowdedness or long queue is the top issue
- Figure 45: Areas for improvement, 2022
- Young people appear as the pickiest consumers
- Figure 46: Selected unsatisfying issues: any selected, by age, 2022
- Multi-child families have higher expectations too
- Figure 47: Selected unsatisfying issues, by family structure, 2022
- Crowdedness or long queue is the top issue
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Attitudes towards Theme/Amusement Parks
- Good value of admission tickets can motivate consumers to visit more often
- Figure 48: Attitudes towards theme/amusement parks – Ticket purchase, 2022
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- Figure 49: Attitudes towards theme/amusement parks – Discount on admission tickets, 2022
- Figure 50: Attitudes towards theme/amusement parks – Purchasing channels, 2022
- Theme parks see opportunity to attract more senior visitors
- Figure 51: Attitudes towards theme/amusement parks – accompanies, by age and living status, 2022
- New parks are welcomed in all areas
- Figure 52: Attitudes towards theme/amusement parks – newly opened theme parks, by city tier, 2022
- Good value of admission tickets can motivate consumers to visit more often
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Appendix – Market Size and Forecast
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- Figure 53: Theme park visiting volume, 2017-27
- Figure 54: Theme park market value – spending, 2017-27
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Appendix – Methodology and Abbreviations
- Methodology
- Fan chart forecast
- Abbreviations
- Methodology
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