Some families go into debt to visit Walt Disney World, study finds
Some families voluntarily go into debt to visit Walt Disney World in Orlando, Floridaaccording to a recent study.
the study conducted by LendingTreea financial website, found that 18% of 1,500 consumers surveyed said they incurred debt while visiting Walt Disney World, which celebrates its 50th anniversary in 2022. The research found that parents of children from under 18 were the most likely to incur this debt. additional expense.
The study also revealed that expensive dining options and ticket prices at the park were higher than many people had originally anticipated or budgeted for. The average cost of a single-park day ticket for adults and children 10 and older from November 2022 through October 2023 will be $141.74, although the price may increase.
According to an analysis by Mouse Hacking, a Disney-focused blog, the cost of a Disney World vacation for a family of four — consisting of two adults, a child 10 or older, and a child 3 to 9 — was $5,731 in 2022, or approximately $287 per person per night.
Cost includes flights, transport to and from the parka five-night stay at a Disney World resort, five-day tickets with paid skip-the-line service, and all meals at the approximate price of the standard Disney Dining Plan.
“A trip to Disney can be an experience that you and your family will remember for the rest of your life, and that’s the kind of stuff people are willing to go into debt for,” said Matt Schulz, analyst in head of credit at LendingTree.
According to the LendingTree study, 71% of those who have overspent in parks do not regret it, because they will be able to pay off their debt in six months or less. Fourteen percent said it would take them seven months or more to pay off their Disney debt, while 6% don’t know how long the debt will weigh on them.
However, a separate study gaming site Time2play surveyed 1,927 “Disney World fans”, and of those, 68.3% said the price hikes made them feel like the theme park had “lost its magic”. A whopping 92.6% said they thought high park costs had made vacationing for the average family “out of reach”.
A ticket to Disney World’s Magic Kingdom in 1971 cost a total of $3.50, according to the study. Adjusting for inflation, that would mean tickets would cost around $25.60 today. Tickets to a Disney World park now range from $109 to $159 per day, according to the study.
“You shouldn’t take on debilitating debt, and you shouldn’t do it very often,” Schulz said. “But if you need to go into debt for a few months to afford that once-in-a-lifetime trip to Disney, that’s fine.”
Emma Colton of Fox News contributed to this report.