New Year’s Day tends to be the busiest day of the year at Walt Disney parks, so families across the country are likely preparing for trips to the Magic Kingdom this weekend.
According to a recent LendingTree survey, around one in five of those families could go into debt for their trip. However, many others who went into debt for Disney trips say they don’t regret it.
Through a survey of 1,550 customers, LendingTree found that 74% had been to a Disney theme park, such as Disney World in Orlando, Fla., and one in five said they went into debt for one or more of their tips.
Millennials age 26 to 41 (27%) are the most likely generational group to have incurred Disney debt, followed by 22% of Gen Xers ages 42 to 56, 19% of Gen Z and 9% of baby boomers. Around 24% of men have gone into debt for Disney and just 14% of women said they have.
Parents with children younger than 18 are the most likely to have Disney parks debt at 30%, and six-figure earners are the income group most likely to go into Disney debt with 26% of those earning $100,000 or more yearly admitting to Disney parks-related debt. On the other hand, those who earn between $35,000 and $49,999 are the least likely, at just 12%.
A vast majority of people with Disney parks debt said they don’t regret going on their trip.
“While the magic might hurt some wallets, 71% of Disney attendees who went into debt say they don’t regret it,” according to LendingTree. “In fact, four in five (80%) say they’ll pay off their debt in six or fewer months.”
How did nearly 20% of parkgoers rack up vacation debt? Per the survey, most who went into debt say in-park food and beverage (56%) was their main unexpected cost. Additionally, many said admission costs (48%) were significantly more expensive than they originally thought or budgeted for. According to Lending Tree, the average price for a one-day, one-park ticket price for Disney World visitors 10 and older was around $141 from November 2022 through October 2023.
“An analysis conducted by Mouse Hacking found that the baseline Disney World vacation for a family of four (including two adults, one child 10 or older and one child 3 to 9) costs $5,731 in 2022 – or $287 per person per night,” said LendingTree.
Apart from admission, food and beverages, costs for a Disney adventure include transportation, a hotel stay and benefits such as paid line-skipping.
“Inflation is on the rise, and Mickey’s feeling it, too,” said LendingTree. “Mouse Hacking found that the baseline Disney World vacation for the same family of four will cost $6,320 in 2023 – or $316 per person per night. That’s a 10% increase in costs from 2022.”
Even though Disney attendees who have gone into debt from their trips often come back home with no regrets, costs are a top reason why 13% of consumers surveyed have never been to an amusement park. Others said that distance is keeping them from visiting and some would just rather travel somewhere else.
For those who do dream of a Disney vacation, LendingTree chief credit analyst Matt Schulz said that consumers shouldn’t regret taking on debt if they can be sure that they can pay it off properly.
“A Disney trip can be an experience that you and your family remember for the rest of your lives, and those are the types of things people are willing to go into debt for,” he said. “You shouldn’t take on a debilitating amount of debt and you shouldn’t do it very often, but if you need to take on a few months of debt to afford that once-in-a-lifetime Disney trip, it can be OK.”
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