Families go into debt to finance trip to Disney World: study

Soaring prices at Disney theme parks haven’t prevented families from booking a trip. They simply charge it to their credit card.

A recent study by the website LendingTree.com found that 18% of those who visited the parks in either Florida or California borrowed money for the chance to see Mickey and the gang.

The survey of more than 1,500 respondents found that of the 87% of Americans who have visited a theme park, nearly three in four (74%) have been to a Disney-run venue.

The survey found that 80% of those who borrowed money to fly to a Disney park say they will pay off their debt in six months or less.

The families that went into debt said they did not anticipate the exorbitant cost of admission as well as food and beverage. The survey found that 56% were surprised by the price of food and drink while 48% said the ticket prices were beyond what they had initially thought.

However, 71% told LendingTree.com that they don’t regret their visit.

A trip to a Disney theme park — once well within the means for an average middle class family of four people — has become a luxury item in recent years.

The Mouse House hiked ticket prices to Disney World in Orlando on Dec. 8. The most expensive ticket, which was $159 apiece, was raised to $189.

Earlier this year, Disney boosted the ticket prices to its Anaheim-based Disneyland, as well as its Genie Plus line-skipping service.

A recent report found that a family of four could pay as much as $1,100 to spend the day at Disneyland during the holiday season — and that’s before shelling out for food or souvenirs.

The family of four would pay $1,086 per day in order to park a car at Disneyland Resort, get the “Genie+” skip-the-line pass, and obtain a “park-hopping” ticket that would allow them to move freely between Disneyland Park and Disney California Adventure Park.

A ticket for anyone above the age of 10 could cost up to $269 per ticket depending on the date on which the family visits. High-demand times including weekends and holidays tend to cost more.

A ticket for a child between the ages of 3 and 9 costs $259 apiece — which includes the “park hopper” option and the “Genie+” fast pass. The parking voucher would set the family back another $30.

The surging cost of tickets was reportedly a major bone of contention between the newly reinstalled Disney CEO Robert Iger, and his handpicked successor, Bob Chapek.

Iger, who returned as Disney’s CEO in a surprise move last month, said prices at the theme parks have become too steep — and that Chapek, who took over for Iger just before the onset of the coronavirus pandemic, was “killing the soul of the company,” according to a report.

Chapek raised ticket prices to the theme parks in order to offset losses incurred by the Mouse House during the coronavirus pandemic.

Despite the exorbitant prices, demand for entry into Disney theme parks continued to be robust this year.

Disney’s most recent earnings report found that revenue generated by the parks division rose 73% compared to the previous fiscal year. In total, Disney parks reported $28.7 billion in revenue for the most recent quarter.

But the surge in ticket sales could not prevent Disney stock from sliding more than 45% since the start of the calendar year — fueling upper management’s discontent with Chapek.