On the list of businesses you'd like not to own during a pandemic, theme parks would rank pretty high, maybe just below airlines.
And so for media giant Disney, the early days of the pandemic were brutal for its Parks, Experiences & Products division — during its worst quarter, revenue was down by a whopping 85%. But things are bouncing back, just in time for the company's 100th birthday next year.
Indeed, yesterday Disney reported revenue of $7.2bn for the division, just a few percentage points below its 2020 effort thanks to visitors going all-out on their visits.
When in Disneyland... go big
According to Disney's CFO, spending per person at Disney's US parks was up more than 40% versus early 2019 thanks to more premium ticket sales as well as higher food, beverage, and merchandise spending. Visitors are making up for lost time, and they're spending big to do so.
