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In a recent report looking at the global theme park market, the report states there is a change in preference from relaxing holidays to more of an adventure themed experience holiday which also has an effect on the age of the target population.
Traditionally theme parks have been targeted towards the 0-14 age range, but the Global Amusement Park Market 2017-2021 report states the theme parks are moving their focus towards age groups with more disposable income. Millennials (the generation born between 1980 and 2000), today’s young adults are considered to be cash-conscious, tech-savvy, and look to enjoy experiences rather than material possessions. With Millennials being more concerned with a work/life balance than previous generations, they are seeking out more exciting activities to do on a regular basis and theme parks are high on the list.
What is attractive about theme parks to Millennials?
Theme parks provide Millennials the opportunity to escape their busy working lives and act like a “big kid” again. There is a nostalgic feeling to revisiting a theme park that you went to when you were younger and the mix of going on the rides you used to go on and experiencing the new rides keeps the thrill exciting. For a generation that grew up in the “age of brands” and who are very brand aware, attractions are now having to become more themed to gain interest and with some attractions based around current TV shows and films, they are attracting Millennials, more than other generations, as it is a brand they recognise.
Universal Parks & Resorts have tapped into the Millennial market by creating attractions around the characters and brands that they love, e.g. Harry Potter, The Simpsons, Transformers, Despicable Me and The Walking Dead, amongst others. Although these attractions are open to everyone (The Walking Dead attraction is not recommended for anyone under 13), they are specifically aimed at Millennials. Universal have capitalised on the behaviour of this demographic and saw from 2014-2016 almost half of the attendance at their attractions was made up by Millennials and predominantly domestic rather than tourist.
It has been reported by the U.S. Census Bureau that in America, Millennials are the largest generation having taken over baby boomers, and according to Inkling Millennial Report 2015, Millennials are making up a quarter of the UK population. This generation are more career focused than family focussed with the trend seeing Millennials getting married and starting families later in life. This results in Millennials having more disposable income to spend on activities and entertainment.
With the rise of Instagram, Snapchat and selfies, this digital generation like to share their lives online and fill their Facebook walls with interesting posts and activities. Millennials like to be involved in or create an experience and share that experience with their online friends.
So, what do you need to do?
Firstly, you need to look at who your target audience are. Are you getting more Millennials to your attraction?
If yes, are you giving them what they want, are they getting the right experience? How do they share the experience with their online community?
If no, are you missing out on this new audience? What could you do to provide the experience this generation are looking for?
At Signet, we are always developing and looking into new products to support our customers. Get in touch with us on email@example.com or on 01733 396080 to find out how we can help you engage with this new target market.
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