Disney may have a parks problem
CNN
Disney Parks are the latest business to face slowing consumer demand in the face of higher prices.
Disney Parks are the latest business to face slowing consumer demand in the face of higher prices. Disney’s parks business underperformed expectations and profit fell somewhat last quarter. Although the company said attendance remained steady and people were spending more at parks, it also acknowledged a slumping economy was weighing on travelers who had once buoyed the company while its movie and streaming business was struggling. While Americans have pulled back on everyday purchases such as fast food, travel and leisure was still a sector they spent on. But average Americans choosing to stay at home could be a worrying sign for the economy as the job market fades. A slump at Disney Parks would be worrisome for the entertainment giant as a boom in post-Covid travel supported the company when its movies were in a slump and its streaming business had yet to make a profit. Inflation also helped drive the decrease in income at Disney’s domestic parks, and new technology and rides ate into profit, according to the company. Disney’s park issues also came on the heels of disastrous Airbnb earnings, which sent its shares tumbling Wednesday after it reported slowing demand from US consumers.
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