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Published on : Monday, October 31, 2016
The theme park sector of China is going to become the largest theme park industry of the world by the year 2020, as per the version of analysts. This would happen due to the growing middle class of the nation that is giving tough competition to the local and international players in this field. For, the demand for amusement parks in China is driven by a strong growth in the upper-middle and middle class sections of the society in China.
The industry of the theme parks is expected to account for at least 50% of GDP consumption by 2030.
Analysts have predicted that it would add about 326 million people in the following 15 years. Tim Mackey, a lawyer in a law firm has said that theme park market of China is expanding rapidly, motivated by strong growth. He added that this is because the Chinese consumers are willing to spend a lavish amount on media products and entertainment.
Following the debut of Shanghai Disneyland’s resort that is worth US$5.5 billion, China has received 65 amusement parks that are being constructed or planned here. The companies range from Six Flags, Universal to domestic operators including Songcheng Performance, Fantawild and Chimelong.
Such a growth in amusement parks market has followed the rise in popularity of Western culture and Western brands.
In addition, Chinese consumers have started getting more interested in globally recognized content, as declared by Mackey. He then went on to say that this has increased the appeal of China in front to the major US industry players. Disney and some of the other international brands have made substantial investments in China.
But then, the US players that are being introduced in China are becoming rivals of the Chinese firms.
For instance, this can be observed from the competitiveness between Disney and Wanda Group. The Chairman of Wanda Group, Wang Jianlin has said that Disney has been unable to reap profits in China for 10 to 20 years in this business sector.
Having said that, although western brands like Disney have an immense potential for growth in the Chinese market of amusement parks, the local players are yet to find a strong footing.
This is because the local players are required to introduce a greater number of attractions inside their amusement parks.
Paul Noland, president and chief executive of the International Association of Amusement Parks said in the initial part of this year that the amusement parks owned by global brands can be inspired from the domestic parks of China since they are enriched with the perfect experience of parks.
Markus Schuckert, the assistant professor of tourism management at Hong Kong Polytechnic University said that the biggest issue that the amusement parks in China is security concern.
Another thing that Chinese theme parks should bear in mind is that the parks need to establish entertainment storyboards. These issues need to be taken care of because there is a huge amount of investment in these kinds of parks.