For many American families, fulfilling the dream of a trip to Disney seems to rely heavily on credit cards.
According to the latest survey conducted by online loan company LendingTree on over 2,000 American consumers, a trip to Disney can have a significant impact on household finances.
Among parents who have taken children under 18 to theme parks, 77% have been to Disney, with 45% of them incurring debt for this purpose. In 2022, only 30% of parents were in debt for a Disney trip, with an average debt of nearly $2,000.
Despite the heavy burden, 59% of parents say they have no regrets. Matt Schulz, Chief Credit Analyst at LendingTree, stated, “For many parents, taking their children to Disney is a rite of passage. They fondly reminisce about the good memories from their own childhood and want to experience it with their children. It is these emotions that make them willing to take on debt for this journey.”
The survey found that the main expenses for parents at Disney parks are focused on food, transportation, and accommodation. 65% of respondents with Disney debt were surprised by the high prices of food and drinks in the park. A regular hamburger is priced at $12.79, while a churro costs between $6.99 and $11.99, and lemonade ranges from $6.50 to $9.99 depending on the type and location.
Disney ticket prices have been steadily rising. Since 2000, the cost of the most expensive Disney park ticket has doubled, with premium annual pass prices increasing by over 700%. In the first decade, the lowest priced ticket remained unchanged, but over the past decade, the lowest priced ticket on the cheapest dates has increased by 13%. In 2000, entry was $41; now it starts at $112.
During the pandemic, Disney parks were closed for a year, and upon reopening, visitor numbers increased. The highest ticket price before the pandemic (more expensive on weekends and holidays) was $159, which was increased to $164 after, marking an increase of over 8%.
The most recent price hike occurred last October, with single-day ticket prices increasing by $5 to $15. The park has kept the lowest priced tickets at $104 and $109.
American consumer debt reached an unprecedented $17.3 trillion at the end of last year, with more and more consumers beginning to default on payments. Data from credit assessment agency Experian shows that the average total household debt reached $104,215 last year, an 11% increase from 2022.
However, Disney park visitors can still find some discounts, such as the summer three-day single-park discounted tickets (meaning one park visit per day).