A shocking number of parents take on hefty debt for Disney trips with kids: survey
Their savings are getting mono-railed.
A new survey found that 45% of parents with kids have been put into debt from their recent Disney trip — the average amount landing them $1,983 in the red.
The eye-popping numbers from LendingTree also found that 41% of parents with children regret the financial damage from their vacation to one of multiple Disney destinations.
“For so many parents, taking their kids to Disney is a rite of passage, something they remember fondly from their youth and want to experience with their kids,” said LendingTree chief credit analyst Matt Schulz.
“Because of those feelings, they’re often willing to take on debt to get there.”
Just two years ago, the site found that 18% of all parkgoers were put into debt, but only 30% of families were. That figure has since increased by 50% as the “House of Mouse” continues to be panned for its unrealistic costs.
In total, about a quarter — 24% — of all parkgoers are strapped with Disney debt now.
However, parents are starting to admit the magic is gone. Many families are taking their business to more cost-efficient destinations, such as Great Wolf Resorts, for a more practical getaway.
Families make up about 77% of the Disney population, per LendingTree, and they most complained about how much food costs set them back — despite anticipating their high prices ahead of travel.
A whopping 65% griped that in-park food was substantially higher than what they budgeted as many were shocked to see Disney World restaurants promote dining options priced above $60 per adult.
In the past 10 years, food prices have shot up 61%, according to a recent report.
“One of the best ways to cut costs is to bring your own food and nonalcoholic drinks to the park,” said Schulz.
“There are limits as to what you can bring, but packing snacks and refillable water bottles, for example, can make a real difference in the overall cost of your Disney experience.”
Behind that was the cost of transit, lodging and then park admissions.
The bottom line is that Disney trips can be no fairy tale nowadays, which is is impacting future business. Of the 25% of Americans who have been to theme parks other than Disney, 60% of them say they’re avoiding it due to its costs.
