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At a CAGR of 6.8%, the size of theAmusement and Theme Park Marketis anticipated to increase from $73.06 billion in 2022 to $101.52 billion by 2027 as per different quantitative market research methodologies. Amusement and theme park establishments primarily operate various attractions within parks. Almost all theme parks charge daily admission, and this amount makes up most of their revenue. Different theme parks compete with the parent corporations that own and operate them in the theme park industry. A country's economy and consumer income determine demand within the theme park industry. To create profitability, theme park businesses focus on effective marketing strategies.
Increased consumer awareness of all things sustainable,purposeful, and health & well-beinghas set new benchmarks for Hospitality & tourism management industry. Innovations in this industry that are causing such an upward rise in market growth are as follows:
a) Increased awareness of environmental effects - The Amusement Parks market is leaning towards the usage of clean strength sources, decreasing waste, and determining vegan foodstuff opportunities from Generation Z and Millennials, the park industry's biggest customer base.
b) Increased adoption of blockchain technology for ticketing - The future of tickets is being formed by blockchain technology, which provides secure selections that are profitable in lowering price scraping and fraud. Blockchain prevents tickets from being sold at their par value as well. Moreover, each coupon can only be used by one customer at a time, so duplicate coupons are no longer permitted.
Strategy Here, BIS research, Mordor Intelligence, and CSP are leading firms that provide Hospitality & Tourism Management reports across the industry.
November 30, 2022