Mickey Mouse Helps China Buck Economic Doom and Gloom
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China's slowing economy isn’t putting the brakes on tourism.
Shanghai Disneyland attracted almost 1 million visitors to its public areas weeks before the $5.5 billion theme park officially opens June 16. And tourism spending is likely to triple by 2020 after industry investment jumped 42 percent last year, the government says.
"The Chinese consumer is spending more and more," said Shaun Rein, managing director of China Market Research in Shanghai, adding that Walt Disney Co. probably underestimates demand from the 330 million people estimated to live within three hours of the new park. "Every person with a kid or grandkid in China is going to go to Shanghai Disney as long as it's big enough and good enough."