In this article, you will learn more about the demographic changes and economic impact of COVID-19 on the amusement park industry. You will also discover more here about IoT technology’s and virtual reality’s impact on the amusement industry. Amusement parks are making innovative use of these latest trends. Read on to find out what you should be focusing on.
The Economic Impact of COVID-19
The economic impact of COVID-19 is not yet well understood. It has not yet been compared to the upshift that occurred with the ICT revolution. COVID-related productivity gains are a narrative of thousands of marginal tweaks across firms, sectors, and business models. This makes extrapolation risky. Any change will have a broad distribution of outcomes, and it is not yet clear if the changes are sufficiently large enough to spur significant growth.
The effect of COVID-19 is primarily visible in the rise of monetary aggregates such as deposits and cash. M1 and M21 after COVID-19 are represented by the M1 and M21 net growth rates from 2017 and 2019. In other words, the impact was more significant in wealthier countries and smaller economies. The effect of COVID-19 on global market growth may be far more critical than before.
Impact of IoT Technology
The “Internet of Things” is a collection of physical objects connected to the internet. IoT devices monitor things like stocks, point-of-sale data, and customer preferences in the amusement park industry. The data collected will also enable theme parks to make the customer experience more seamless. For example, some IoT devices will help theme parks improve line management and understand how visitors behave during rides and attractions. Ultimately, this technology will help them cut operating costs while maintaining the same high-quality experience that customers expect.
IoT technology is revolutionizing amusement park operations. This technology can track park activities, manage crowd flow, and facilitate credit card transactions. IoT-enabled theme parks can also help parents monitor their children’s movements. These developments will help stimulate the amusement park industry. According to market research firm IDC, the amusement park industry is segmented by geography, age group, and gender.
Impact of Demographic Changes
Demographic changes in developed countries are a significant factor limiting the growth of amusement parks. Baby boomers make up most of the population, and amusement parks do not appeal to them. Additionally, Gen Y is turning away from parenthood and declining birth rate, leading to a decline in families with children. With fewer families to entertain, revenues for amusement parks will decrease. However, demographic changes are only one of the many factors affecting the amusement market.
The content industry has placed younger generations at the core of its strategies. Millennials and Gen Z are now considered to be digital natives. While older generations, such as baby boomers, are more loyal to their current age, they are also increasingly tech-savvy. In addition, research from EY reveals that by 2020, the population of people 65 and older will outnumber children under five. While this could be a negative development for amusement parks, it also offers a promising growth opportunity.
Impact of Virtual Reality
With the advent of VR and augmented reality technologies, the amusement park industry is taking notice. Virtual reality, or VR, creates an environment where the viewer can interact with objects and people. Augmented reality, on the other hand, places virtual things in the real world. The trend is aimed at millennials and generation Z, who drive the industry’s growth. But is VR the future of amusement parks?
While it has many benefits, the first and most apparent advantage of VR is the opportunity to increase ride time. Unfortunately, VR headsets require considerable time to outfit riders. Additionally, they don’t always sync with the physical experience of rides, and many riders report getting motion sickness from using them. Additionally, companies had to train employees to properly set up and maintain this equipment. Ultimately, VR is a great way to increase visitor satisfaction and revenue, but there are risks.