Spend a day at Shanghai Disneyland and you won't realize that Chinese consumers are struggling.
Wang Jiandong and his girlfriend Yan Xu said they had skipped meals and skimped on daily necessities so they could afford to enjoy the park.
“We save in our daily lives so we can spend more on travel,” Wang explained while taking photos with Yan in front of the iconic Disney castle. “This is a romantic place.”
Shanghai Disneyland celebrated its 10th anniversary this week, with the former disney CEO Bob Iger flies in for the festivities.
“I'm really filled with pride,” Iger told CNBC during an interview at the park. “I have been involved in this project since the beginning, in the late '90s.”
Iger said the occasion had additional meaning “knowing not only how successful it has been, but also how important it is in many ways, not only to Walt Disney Co. but to the people of China.”
Former Walt Disney Company CEO Bob Iger (2L) and his wife Willow Bay attend a celebration event marking the 10th anniversary of Shanghai Disney Resort in Shanghai on June 15, 2026.
Jade Gao | AFP | fake images
Shanghai Disneyland will reach 100 million cumulative visitors in 2025, according to the company. It's a relatively new but important foothold in Disney's more than 100-year history.
Disney's experiences division, which includes its theme parks, resorts, cruises and merchandise, reported nearly $9.5 billion in revenue during the company's most recent quarter ended in March, an increase of 7% year over year. The division is Disney's second largest, accounting for nearly 40% of the company's total revenue and nearly 60% of its operating income.
While Disney executives have noted recent weakness in the number of international visitors to the company's 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-over-year increase), making it the fifth most visited theme park in the world behind Disney's parks in Orlando, Florida; Anaheim, California; and Tokyo, as well as Universal Studios Japan.
Under new CEO Josh D'Amaro, Disney is considering further global expansion, with a new cruise ship docked in Singapore and an upcoming park and resort in Abu Dhabi, United Arab Emirates. The company announced a 10-year investment of $60 billion in its parks in 2023.
“Because of the property available and the properties, the intellectual property that Disney has, the opportunities for expansion are limitless,” Iger told CNBC this week. “As long as the business is successful, as it has been, there is no reason it shouldn't continue to expand over time.”
Iger, who stepped down from his second term as CEO in March and still serves on its board, declined to comment on reports that Disney is considering another theme park for China.
A cautious Chinese consumer
Shanghai Disneyland bucks a larger trend in China: overall consumption is poor.
Retail sales fell in May for the first time in three years. Auto sales have fallen by double digits. People are reducing their consumption, but they have not reduced it completely.
“Young people in China today are not refusing to consume. Rather, they care more about 'value for money,'” Lin Huanjie, president of the China Institute of Theme Park Studies, said in written comments to CNBC.
This photo taken on June 16, 2026 shows a view of Shanghai Disneyland with its 10th anniversary themed decorations in Shanghai, eastern China.
Liu Ying | Xinhua News Agency | fake images
“If a trip to Disney offers strong memories, engaging social content and high emotional value, they are still willing to pay,” Lin said. “If it's just a normal visit, they will adjust 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.”
College student Smile Wei is one of those park-goers.
Wei traveled with a friend on vacation to Shanghai and told CNBC that his budget was 5,000 yuan ($735) for the five-day trip. They've already spent a fifth of that amount on the park, Wei said.
“My friend and I plan to book a hotel room with two beds,” Wei said. “But we downsized to an individual so we could buy more souvenirs here.”
Shanghai resident Wang Lu told CNBC that he specifically wanted to be at the park on June 16.
“It's both my birthday and the park's 10th.th anniversary,” he said. “There is no other place I would rather spend this special day.”
