Financial surveys indicate that many families prefer to go into debt to afford luxurious and memorable Disney trips.
Johnny Esfeller, an Alabama father who claims to be a good budgeter, decided to take his 4-year-old daughter to Disney World in Florida. At the end of the trip, he was shocked to see that he had spent nearly $8,500 for a trip he planned to complete within $6,000. Esfeller found himself in debt after the trip, as he noted that he did not want his daughter to miss anything at all.
The same was the case with Alyssa Leach, who and her husband had been frequent visitors to Disneyland. The family was blessed with a son in 2020 and decided to make his first-ever trip to Disney a historic one. This decision urged the parents to spend a substantial amount of money on each and every possible thing to make their two-week Disney stay memorable. Leach paid extra money to attend after-hour events and utilized the park’s photography services, which allowed her to download the family photos after their trip. She ended up spending $6,000 on the vacation and paid it through a credit card.
Online lending marketplace Lending Tree found that almost 45% of families who went to Disney for a family trip ended up borrowing money. Despite taking debt, many parents still believe that a Disney trip is worth spending money on. According to the survey, almost 59% of parents who went into debt expressed no regrets for their actions, while 90% of such parents called the amusement park a worthy destination. On average, parents took $1,983 of debts for their Disney vacations.
Almost 65% of debtors revealed that food and beverages sold within the park are their primary reason for taking debt. In comparison, 48% stated that transportation costs are their biggest motivator to borrow money.
Rising general inflation has also done nothing to stop people from visiting Disney. Almost 83% of debtors stated that they took debt to visit Disney in the last five years, while 35% of the parents did it just last year.
Generation Z parents, aged 18 to 27, are most likely to borrow money for Disney trips, followed by millennials and Gen X.
While the primary motivation for spending cash at the amusement park remains the children’s pleasure, many parents, especially those who are visiting Disney for the first time, also spend extra money for their entertainment.
