With work-life balance becoming more sought after by the day, more and more people are looking for new and innovative forms of leisure, recreation and enjoyment for a good time with friends and families. A certain percentage of such people, or their children, find the thrill and excitement they crave at theme parks, which are popular across the world. After a slump induced by the Covid-19 pandemic, which hit the tourism and hospitality sector the most, the industry has recovered quickly and has been showing a steady growth. Present-day theme parks are not meant for children and young adults alone, but are desinged to give an experience that everyone finds appealing. They are the sort of amusement parks that are built on a cohesive theme, and include a plethora of activities, rides, and even lodging, among other things.
Role In Boosting Economy
Theme parks have seen tremendous modifications and rapid expansion in India with globalisation and urbanisation. Though theme parks in India are still in their nascent stage, the industry has in the 21st century witnessed massive traction with new parks centred around themes such as military, history, and pop culture, among others, coming up across the country. They are playing an essential part in boosting the Indian economy.
According to Verified Industry Research, the theme park market is projected to reach $72.86 billion by 2028, at a CAGR of 5.11 per cent. The report also highlighted that the driving reason behind the industry's growth is increased popularity among tourists of all ages, innovation in rides, lodging amenities, and engaging experiences. Furthermore, it is also attributed to the rising disposable incomes of millennials as well as the focus on safety standards and hygiene.
Parks are generally built on the fringes of cities due to the high land requirements. Therefore, the Indian theme park business now serves the local population. Because India is a price-sensitive market with low ticket prices, government incentives in the form of tax breaks and subsidies would be necessary to encourage investment. An increase in the number of parks helps to build the local infrastructure. Employment quality, including several service-related pieces of training, is also helping to raise living standards. Thus, require infrastructure development measures to serve the global audience, which would necessitate more investment in the sector.
The emergence of theme parks has not only offered an avenue for entertainment for people of all ages, but it has also caused a mini-boom in work prospects as these parks have employed several thousands of people to date to keep the attraction operating, both on the ground and in management offices. Thus, the more, the merrier. Having said that, the expansion and growth of the theme park business benefit not only the industry itself but also other sectors such as hospitality, retail, and tourism, among others, by increasing customer footfalls, which as a result will certainly give a boost to the country's economy.
Paving The Way For Future!
It can't be denied that the popularity of theme parks has increased, with India's young getting their share of thrill and excitement from the sector. The millennial generation is the crucial market for theme parks as they bring their children to the parks to keep them entertained. Theme park operators, therefore, place a premium on high-quality, well-balanced family entertainment. And, with the boost, consumers are also spending their spare time experiencing rather than acquiring. Changing lifestyles, societal transformations, and a growing emphasis on work-life balance and recreation are all contributing to the rise and demand for theme park industry revenue.
According to Future Industry Insight, the India theme park market is expected to be worth $166.67 billion, growing at a CAGR of 13 per cent between 2022 and 2032. In a nutshell, with the increasing growth of the industry, the country's leisure and entertainment aspects are ready to bloom.
The author is Founder, Delta 105.
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