(Yicai Global) Jan. 18 -- Disneyland's Shanghai resort has hastened the upgrading of China's local theme parks and increased their popularity, according to a report by the Chinese Academy of Social Sciences.
"Overall, China's local theme parks see Disneyland's Shanghai resort as an opportunity to grow themselves," said Zhang Lingyun, a special researcher at the academy's tourism research center. "Their settlement has provided a sample for China's local theme parks to simulate, learn and catch up."
Although China's local parks lack strong cultural and creative abilities, including localization, and the perfect industrial clusters The Walt Disney Company [NYSE:DIS] holds, they still have a lot of room for development in some market segments, said Zhang. Potential demand for theme parks is huge and Disney's ticket prices and overall consumption are fairly high, Zhang added.
Confidence comes from experience, Zhang believes. After the completion of Hong Kong Disneyland, admissions did not exceed those of Ocean Park Hong Kong and adjacent Shenzhen OCT Group's [SHE:000069] theme park didn't feel the expected competitive pressure either.
The Shanghai Disneyland Resort opened last June with an investment of USD5.5 billion.