在上海迪士尼乐园度过一天，你'不会知道中国消费者正在苦苦挣扎。
Spend a day at Shanghai Disneyland and you wouldn't know Chinese consumers are struggling.
王建东和他的女朋友颜旭说，他们一直在外面不吃饭，并且在日常必需品上精打细算，这样他们就可以负担得起公园的费用。
Wang Jiandong and his girlfriend Yan Xu said they have been skipping meals out and scrimping on day-to-day necessities so they could afford to enjoy the park.
"We save in our daily lives so we can spend more on trips," Wang explained while taking photos with Yan in front of Disney的 iconic castle. "This is a romantic place."
Shanghai Disneyland celebrated its 10th anniversary this week, with former Disney CEO Bob Iger flying in for the festivities.
"I'm feeling filled with pride really," Iger told CNBC during an interview at the park. "I've been involved in this project from the very beginning in the late '90s."
艾格表示，这次活动具有额外的意义"不仅知道它'有多成功,，而且在许多方面都非常重要,不仅对华特迪士尼公司而且对中国人民。"
Iger said the occasion carried extra significance "knowing not only how successful it的 been, but really how important it is in many respects, not just to the Walt Disney Co. but to the people of China."
Shanghai Disneyland hit 100 million cumulative visitors in 2025, according to the company. It的 a relatively new but important foothold in Disney的 more than 100-year history.
Disney的 experiences division, which includes its theme parks, resorts, cruises and merchandise, reported nearly $9.5 billion in revenue during the company的 most recent quarter, ended in March, a 7% increase year over year. The division is the second largest at Disney的, accounting for almost 40% of the company的 overall revenue and nearly 60% of its operating income.
While Disney executives have noted recent softness in international visitors to the company的 U.S. parks, its outposts in other countries are faring better.
According to the Themed Entertainment Association, which tracks global theme park data, the Shanghai park attracted 14.7 million visitors in 2024 — a 5% year-on-year increase — making it the fifth most-visited theme park in the world behind Disney parks in Orlando, Florida; Anaheim, California; and Tokyo as well as Universal Studios Japan.
Under newly appointed CEO Josh D'Amaro, Disney is eyeing further global expansion, with a new cruise ship berthed in Singapore and a forthcoming park and resort in Abu Dhabi, United Arab Emirates. The company announced a 10-year, $60 billion investment into its parks in 2023.
"Because of the available property and because of the properties, the intellectual property that Disney has, the opportunities to expand are limitless," Iger told CNBC this week. "As long as the business is successful, which it has been, there is no reason why it won't continue to expand over time."
Iger, who stepped down from his second stint as CEO in March and is still a member of its board of directors, declined to comment on reports that Disney is considering another theme park for China.
谨慎的中国消费者
A cautious Chinese consumer
Shanghai Disneyland is bucking a bigger trend in China: consumption broadly is poor.
五月份零售额三年来首次下降。汽车销量下降两位数。 People are downgrading their consumption, but they haven't cut back altogether.
Retail sales dropped in May for the first time in three years. Car sales are down by double digits. People are downgrading their consumption, but they haven't cut back altogether.
"当今中国的年轻人并不拒绝消费。 Rather, they care more about 'value for money,'" Lin Huanjie, president of the Institute for Theme Park Studies in China, said in written comments to CNBC.
"Young people in China today are not refusing to consume. Rather, they care more about 'value for money,'" Lin Huanjie, president of the Institute for Theme Park Studies in China, said in written comments to CNBC.
"如果迪士尼之旅带来了强烈的回忆,引人入胜的社交内容,和高情感价值,他们仍然愿意付费,"林说。 "If it is just an ordinary visit, they will tighten their budgets.像LinaBell这样的人物在中国的流行也表明，年轻消费者,即使在经济压力下,仍然愿意为情感安慰的消费买单。"
"If a Disney trip delivers strong memories, compelling social content, and high emotional value, they are still willing to pay," Lin said. "If it is just an ordinary visit, they will tighten their budgets. The popularity of characters like LinaBell in China also shows that young consumers, even under economic pressure, are still willing to pay for emotionally comforting consumption."
大学生Smile Wei就是这样的一位公园常客。
University student Smile Wei is one such parkgoer.
Wei traveled with a friend for a vacation to Shanghai and told CNBC their budget was 5,000 yuan ($735) for the five-day trip. They already spent a fifth of that at the park, Wei said.
"我和朋友打算订一间有两张床的酒店房间,"魏说。 "但是我们把规模缩小到了一个，以便在这里购买更多的纪念品。"
"My friend and I planned to book a hotel room with two beds," Wei said. "But we downsized to a single to buy more souvenirs here."
Shanghai resident Wang Lu told CNBC she specifically wanted to be at the park on June 16.
"这'既是我的生日，也是公园'的十周年纪念日,"她说。 "没有其他地方我更愿意度过这个特殊的日子。"
"It的 both my birthday and the park的 10th anniversary," she said. "There is nowhere else I would rather spend this special day."
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