THE EXPERIENCE ECONOMIST EUROPE EDITION 2025
The Experience Economist is a brand-new series of industry publications from Leisure Development Partners (LDP), the leading firm in visitor attractions economics and strategy. Expert analysis and insights
ratio of visits per population and stronger spends ensure a very significant economic impact of €17 billion. We estimate that Europe’s impact per visit is 65% above that in Asia, and impact per resident is 5 times greater. Given the breadth of leisure options available, this underscores the vital role of the industry in Europe’s economies. Our feature graphic examines the key European markets, comparing relative population sizes, incomes, theme park and waterpark visitation levels, economic impact, jobs created, and future growth. The outcomes reveal the relative development levels of each country and the corresponding opportunities they create. 174m annual theme park and waterpark visits 325 amusement/theme park & waterpark visits per 1,000 residents We estimate that there are approximately 174 million theme park and waterpark visits each year, which translates to 325 visits per 1,000 residents.
About Leisure Development Partners (LDP) Leisure Development Partners (LDP) is the global leader in visitor attraction economics and strategy, delivering data-driven insights that empower developers, operators, and investors to create successful, sustainable attractions anchored real estate. With a proven track record in 80+ countries and over 1,000 projects, LDP provides trusted, bankable analysis across theme parks, water parks, family entertainment centers, cultural attractions, and mixed-use destinations. Our expertise ensures clients make informed decisions that maximize visitation, revenue, and long-term growth. Our Core Services: • Market & Feasibility Studies - Evaluating demand, competitive positioning, and financial viability • Enhancement Strategy - Unlocking the potential of existing business, expanding, finding efficiencies through benchmarking • Economic Impact Assessments - Quantifying how attractions drive local economies and tourism • Strategic Planning & Business Modelling - Optimizing financial forecasts and operational strategies • Consumer & Competitive Insights - Identifying trends, visitor behaviours, and industry benchmarks • Development Advisory - Guiding investment decisions with expert intelligence • Due Diligence - Valuation insight, upside identification and business planning for buyers Backed by decades of experience, LDP’s insights shape the future of the global attractions industry - helping clients unlock opportunities, minimize risks, and create unforgettable experiences.
Europa Park, Germany
This series explores the volume, value, and impact of the global theme park and visitor attractions industry, providing expert analysis and insights into the forces shaping the market. The Europe edition of The Experience Economist offers an in-depth exploration of Europe, uncovering key trends and emerging opportunities across the region. Europe boasts very mature markets in the west, and some up and coming markets towards the east. Whilst in emerging markets the gaps seem more obvious across all sectors, viability is often challenging due to lower income levels. Scaling to the market opportunity becomes key to financial success. Maturity, on the other hand, indicates spending power and often highlights potential. The challenge for developers and investors is to seek out gaps and leverage the wealthy resident bases and
strong tourist economies. LDP have been assisting in both for over 15 years. Europe on path of recovery Between 2010 and 2023, the top 20 theme parks across Europe grew by an average 1.3%, similar to North America and 2.5 times below Asia. Tourism volumes have recovered or are on the path to pre-Covid levels in most countries, although in some markets stay- cation has stepped in where international visitation struggled to bounce back. We estimate that there are approximately 174 million theme park and waterpark visits each year, which translates to 325 visits per 1,000 residents. While the total visitation is nowhere near that in Asia, the high
€17bn total economic impact 157k total employment impact
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Comparing the metrics
Sweden
10.6m 53.3k 572 606m 5.5k 3.2%
Finland
Iceland
Norway
5.6m 49.3k 501 235m 2.5k 3.2%
384k 80.6k 4.2%
5.6m 80.0k 394 187m 2.0k 2.8%
Estonia
UK
Denmark
1.4m 28.8k 438 24m 540 5.1%
69.2m 48.6k 236 1.7bn 14.7k 3.2%
6.0m 66.6k 2.1k 794m 11.2k 3.1% Germany
Ireland
Latvia
5.4m 98.4k 364 115m 1.8k 3.2%
84.7m 50.8k 258 2.3bn 19.7k 3.0% Netherlands
1.9m 21.5k 107 11.5m 280 5.4%
France
Lithuania
18.0m 63.2k 668 1.1bn 10.8k 3.1% Belgium
68.4m 42.7k 444 5.4bn 27.3k 2.6%
2.9m 27.1k 242 31.8m 630 5.7%
Austria
Belarus
9.2m 52.6k 639 243m 5.3k 2.9%
11.8m 52.0k 421
471m 4.5k 2.6%
9.1m 7.2k
Switzerland
Poland
8.9m 96.6k 86 84.0 m 693 1.3%
36.6m 22.9k 340 634m 11.2k 6.3% Ukraine
Slovenia
2.1m 31.5k 537 64.5m 1.0k 4.4%
33.3m 5.3k Czechia
Croatia
3.9m 22.2k 241 63.9m 837 5.4%
10.9m 29.2k 238 141m 2.3k 4.3% Slovakia
Italy
59m 37.2k 185 895m 9.8k 2.8% Spain
5.4m 24.0k 173 63.8m 846 4.9% Hungary
49.1m 32.4k 300 1.3bn 13.3k 3.2% Portugal
9.6m 21.5k 230 74.5m 2.0k 6.3% Romania
10.7m 26.7k 178 126m 1.7k 4.0%
18.9m 18.7k 177 148m 3.0k 7.1% Serbia
Key
Resident population, 2024
6.6m 12.5k 76 12.6m 450 8.3% Bulgaria
Gross domestic product, impact and tickets (€) Total theme park and water park attendance per 1,000 residents
6.4m 16.3k 262 94.7m 1.5k 6.7% Greece
Estimated theme park and water park economic impact (monetary €)
Estimated theme park and water park employment impact (jobs)
10.4m 22.8k 111
53.3m 1.0k 3.9%
Forecast annual GDP growth
Cyprus
Sources: 1. Population = eurostat 2. GDP per capita = IMF WEO April 2025 Edition (exchangerates.org) 3. TP & WP Visits Per 1,000 Residents = LDP database
939k 35.7k 860 57.9m 725 4.6%
Malta
4. Economic Impact =LDP database for park spend estimates and OECD for respective multipliers 5. Employment Impact = LDP database for park employee estimates and OECD for respective multipliers 6. LDP database for park employee estimates and OECD for respective multipliers
5.9bn 72.0k 2k 794m 11k 3.1%
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Western Europe One of the world’s most mature attractions markets, Western Europe stagnated for years on the innovation front in comparison with new rising giants in Asia and the Middle East. No more! Over the past few years, the region has become a major hub of creativity, breeding groundbreaking concepts in the immersive and experiential space, as well as competitive socialising and IP group games like Monopoly Lifesized. Abba Voyage in London that has been making us feel like the future is here for over 3 years, is still going strong with near-full seat occupancy. Futuroscope in France has become a pioneer in immersive water park development with its newly opened Les Abysses de Lumière developed in partnership with Moment Factory as part of the 6,000sqm Aquascope. IP integration continues to present opportunities. Holiday Park in Germany has been rebranded into Plopsaland Deutschland with €100 million investment announced in new areas, rides and an IP waterpark. Peppa Pig and F1 continue to expand. A new indoor park, Bommelwereld, based around Dutch comic characters Tom Poes & Olivier B is set to open in October. Moreover, the touring Minecraft Experience, the expanding Pac Man Live Experience and the announced Ubisoft Entertainment Centre in Montpellier mark the beginning of a new era - merging the worlds of gaming and attractions. Watch this space expand over the next few years.
The fundamentals
Aquascope, Moment Factory
entertainment resorts, offering hotels, cabins, and a range of accommodation types to encourage longer stays and establish holiday destination status. Sustainability is a defining trend across Nordic parks, embraced widely throughout the region. Many attractions have integrated renewable energy, recycling programmes, and sustainable procurement into their operations, while food and beverage offerings increasingly focus on locally sourced, organic and seasonal produce. Notable initiatives include Liseberg’s use of wind power, Gröna Lund’s shared solar park with Kolmården and Skara Sommarland, and Fårup Sommerland’s focus on organic, seasonal food and beverage, but these are just examples of a much broader movement. Across Scandinavia, parks are taking sustainability seriously, not just as an ethical responsibility but as a commercial strategy. Over time, these practices can help to reduce costs, boost F&B spends, and enhance guest satisfaction as sustainability continues to be a high priority consideration for visitors.
Nordic countries Scandinavia has a long tradition of theme and water parks, with some of Europe’s most recognisable and best-loved destinations. The region’s urban parks such as Tivoli Gardens, Liseberg, Gröna Lund are not just visitor attractions – they drive tourism, fill hotel rooms and are beloved by locals drawing repeat visits year-round. Interestingly, and at odds with the trend in most parts of the world, this region appears less hungry for international IPs focusing instead on regional titans like Moomins, Astrid Lindgren characters, Lego and Norse mythology. For countries with relatively modest populations, the Nordic region punches well above its weight, recording some of the highest per capita visitation rates in Europe. Denmark leads the pack by some distance, with Sweden, Finland, and Norway all ranking in the top ten. This is driven by the exceptionally strong park supply, supported by robust domestic tourism and high staycation rates. Many parks are integrated
Theme & water park visits per 1,000 residents, selected markets
2,084
835
668 639
572 537
501
444 438 421 394
364 340
341
300 262 258
257 227
242 241 238 236
Source: LDP Database
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Staycation: Domestic stays in registered accommodation per resident, selected markets
News of the Year: Universal Theme Park Resort is coming to Europe
3.3
2.4 2.4
Universal Destinations & Experiences is bringing its first fully owned European theme park resort to the UK, to rival Disneyland Paris. The company is set to transform a 190ha former brickworks site in Bedford, just under 100km from Central London, into a multi-billion-pound destination set to open in 2031. The project will include a world-class theme park, an RDE Zone, multiple hotels and amenities. Backed by £500 million in government investment for transport infrastructure, including a new rail station, Universal estimate that the Bedford project will contribute nearly £50 billion to the UK economy by 2055. Universal would mark a very positive turn for consumers, upping the bar in terms of theming, storytelling and longform show-based attractions, as compared to the typical parks in the UK. The UK market has been crying out for a global theme park for decades and the news has been very welcome in the country. Of course, there is some worry about potential cannibalisation of the existing parks and these will no doubt have to up their game to remain competitive (which bodes well for the visitors). This will be further exacerbated by another high profile opening of Puy du Fou only an hour away, with Phase I scheduled to be delivered in 2029. Data indicates that not only the UK has one of the lowest levels of park visitation per 1,000 residents in Western Europe, the economic impact per resident is less than a third of the closest comparable economy – France, and is also tracking behind Germany, which suggests the market is underserved. Additionally, our research into park clusters around the world demonstrates that parks that invest wisely and find the right niche, should be able to benefit from the overall market growth catalysed by Universal.
2.0
1.8 1.8
1.7
1.7
1.7
1.6 1.6
1.5 1.5
1.2
1.0
0.8
0.8
Source: Eurostat
spend less than international, there are significant development opportunities for short-break leisure- anchored resorts and nature related tourism. Interestingly, Austria registers the highest level of total tourism per resident in Western Europe (4.6 registered overnight trips per resident per annum, 3.1 of which are generated by foreign residents) due to sizeable international tourism to the Alps. Yet, apart from ski resorts, there is little tourism development suggesting opportunities for adjacent attraction types and key arrival hubs.
With well-known international tourist giants such as France and the UK, but also a lesser visited Germany, the stay-cation market is often overlooked. While the level of domestic travel per resident is way below Northern Europe, high population counts translate this into vast numbers of domestic stays in accommodation. Germany leads the way with 147 million registered domestic overnight trips with France and the UK not far behind. The value of domestic tourism in these 3 countries is comparable to the rest of Europe combined. Whilst domestic travellers tend to
Domestic tourism volumes in 2024: registered stays, million
76 Remaining Western Europe 56 Northern Europe
72 Spain
165 Southern Europe
147 Germany
127 France
106 UK
Universal estimate that the Bedford project will contribute nearly £50 billion to the UK economy by 2055.
80 Central Europe & Baltics
379 million
Source: Eurostat and ONS
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Average annual real per capita GDP growth 2010-2024
Thermal pool outdoor and bar at Therme Bucharest, Romania
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Source: IMF WEO April 2025 Edition
Central Europe Central Europe represents one of the most promising growth areas for leisure and entertainment development. Economies across the region have posted strong GDP per capita growth, outpacing many larger Western European economies over the past decade. While the market remains less mature than other regions, rising disposable incomes are driving increased spending on recreational experiences, fuelling demand for attractions of all types. With a population of over 36 million and GDP per capita growth averaging 3.7% since 2010, Poland is Central Europe’s largest and most developed market. Energylandia has rapidly expanded to offer a wide range of attractions for families and thrill-seekers, while Majaland now operates three parks in Kownaty, Warsaw, and Gdańsk. The recent investment in Suntago World, Europe’s largest indoor water park beating Tropical Islands, underscores the appetite for large-scale leisure destinations, further supported by the planned opening of Hossoland, a major 40ha theme park, later this year. Investor interest remains strong across multiple markets and attraction types. Czechia has a favourable outlook, with one of the highest GDP per capita in Central Europe, low
unemployment and strong domestic tourism. Cities such as Prague, Brno, and Ostrava offer opportunities for appropriately scaled attractions. While the population is modest at 10.8 million, proximity to neighbouring markets - including Katowice in Poland and cities in Germany - enhances cross-border visitor potential. Romania is an emerging market that has been particularly active for LDP. Bucharest is home to the highly successful Therme Bucharest spa, wellness, and water park, while growing interest in Cluj-Napoca, Constanța, and Brașov reflects rising disposable incomes among the country’s 19 million residents. Long-term GDP growth has Economies across the region have posted strong GDP per capita growth, outpacing many larger Western European economies over the past decade.
Central Europe represents one of the most promising growth areas for leisure and entertainment development.
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Observing the data, it is evident that total visits, and indeed total economic impact per head of population, is much lower across Southern than Northwestern Europe but not miles away from Central Europe. There are some of Europe’s biggest theme parks in Spain and Italy including PortAventura, Parque Warner, Gardaland and Mirabilandia but the beach represents a fierce competition to any commercial leisure development – this needs to be accounted for when projecting demand. Across the other countries there are fewer major parks due to a mixture of modest populations and less mature markets. At LDP we recognise there are untapped opportunities across some areas, including for instance Lisbon and Athens. Islands Cyprus and Malta, both islands, are also included within our Southern European grouping but should perhaps be considered in a different light. Island nations (and we should include Spain’s Balearics and Canary Islands within this sub group) are characterised by small populations outweighed by much larger international tourist markets. Attractions in these locations must pay special attention and provide an offer that appeals to
the profile of the tourist markets, considering seasonality, length of stay, purpose of visits, origin and demographic profile. Water parks are a particular feature of these markets (examples include Siam Park in Tenerife and WaterWorld in Cyprus) which appeal directly to the holidaymakers in these markets. Whilst in a very different part of Europe, Iceland adheres to the same rules. Lacking large-scale parks due to its smaller population, it is home to standout tourist-focused experiences such as FlyOver Iceland and the world-renowned Blue Lagoon both doing extremely well suggesting opportunities for further leisure developments. Eastern Europe As key population centres in Eastern Europe are engulfed by a conflict with limitations on inward and outward travel, we await the resolution to conduct our analysis. This said, with restricted border movements and a stronger need for escapism there are leisure opportunities for domestic investors in safer areas. One group of countries stands out, however – the Baltics. Data indicates that despite the lack of theme
averaged 3.6% annually since 2010, supporting increasing demand for leisure experiences and a diverse range of attractions. With rising incomes and relatively underdeveloped supply, Central Europe offers significant opportunities for attractions of all sizes. This opportunity extends to both existing local operators looking to expand or diversify their offerings and to new entrants looking to establish a presence in new markets. For international brands and investors, partnering with experienced in-country partners can offer valuable local insight and help to navigate regulatory environments. That said, price sensitivity remains a key consideration in many areas, particularly for larger, capital-intensive projects. Southern Europe Our Southern Europe grouping includes a wide array of countries stretching from the western most point to the southeastern tip of the continent and are broadly bound together by enveloping the Mediterranean. Climate (and perhaps some other characteristics of the peoples) is the obvious commonality, and most countries tend to have a greater reliance on tourism than other, more northern regions.
Attractions in the island locations must pay special attention and provide an offer that appeals to the profile of the tourist markets, considering seasonality, length of stay, purpose of visits, origin and demographic profile. parks, Latvia, Lithuania and Estonia are showing the level of visitation per resident on par with Southern and Central Europe. With quite a few waterparks in key cities and on the Baltic coast, this shows a strong appetite for affordable leisure. With GDP per capita not dissimilar to Spain, Greece, Poland or Portugal, there are bound to be opportunities for good quality, appropriately scaled attractions.
Gardaland, Italy
International tourism levels, Islands 2024
Residents
Tourists
International tourists per resident
3.1
76%
Cyprus
4.0
80%
Malta
8.0
Canary Islands
89%
12.4
93%
Iceland
0
5,000,000
10,000,000 15,000,000 Available market, number of people
20,000,000
25,000,000
Source: Eurostat
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LDP recent project mix
The Instagram and TikTok generations have made the visual appeal a crucial factor of visitation, and cultural attractions are embracing it.
24% Resorts, clusters and mixed use
21% FECs, indoor parks & play
19% Theme parks
Natalia Bakhlina shares development trends Expert view
6% Museum & gallery, science centre
5% Sports entertainment
5% Viewing attractions
Variable & dynamic pricing under scrutiny
Optimising pricing and enhancing admission yield (or in other words – reducing the level of discounting) by encouraging more price sensitive customer groups to visit during less popular times, and those who can afford it – to pay a premium for prime time sounds like a no brainer. Digital art and experiential attractions have employed a dynamic price algorithm by using event- focused ticketing platforms, theme parks such as PortAventura and Disneyland introduced complex variable pricing, Merlin Entertainments use surge pricing for selected attractions, and even some educational and cultural sites have stepped onto this path. However, the results have been mixed. By taking away transparency and predictability, the approach has created a feeling of unfair treatment among some visitors and, as a result, higher levels of dissatisfaction. Aided by high-profile fiascos, such as the Oasis reunion where a dynamic pricing algorithm inflated ticket costs severalfold, the reputation has been tarnished. We expect high levels of scrutiny going forward. In some cases, less is more. Premium is gaining momentum In the aftermath of COVID lockdowns, VIP experiences and upcharges have strengthened the revenue streams for many attractions. As COVID has made the rich richer, and many others to place higher value on time and experience, the premium sector has seen growth. By constantly innovating and offering limited-time experiences, special events and pop ups, attractions create a sense of urgency and exclusivity. This drives consumers to make decisions based on a fear of missing out (FOMO), especially in the age of social media, where everyone wants to be part of the latest trend. Providing value for visitors
4% Immersive
4% Water parks
4% Heritage
De Efteling, Netherlands
3% Wildlife, nature and botanic
3% Event venue or show
2% Workplace brand centre or hall of fame
Experience economy in full swing Whilst not a new trend, it keeps diversifying the industry. In addition to very successful competitive socialising, the trend has bred group games, quest attractions, and experiential retail and dining. Food is particularly important. Not only good quality food is becoming a basic expectation, there are increasing demands for an experiential or instagrammable offer. The projects that embrace this trend are likely to tap into the opportunity to substantially boost visitor revenue. Temporary / touring experiences prominent in the creative output The fast pace of life, shortening attention span, demand for high octane and branded experiences have made it challenging to create repeatable and financially viable permanent attractions. However, the post COVID world has fuelled a wave of creativity in the temporary immersive space. Horizon of Khufu roaming VR; Squid Game: The Experience; Tutankhamun: The Immersive Exhibition; Peaky Blinders: The Rise; Le Rêve du Gladiateur, touring digital art and black box venues hosting a range of rotating immersive experiences (e.g. Lightroom)
are just a few. However, inconsistencies in quality vs admission fees, as well as misplaced marketing messages at times, have created confusion among visitors and mistrust of the sector. Given the progress in tech, the expectations are high, and better-quality experiences will do extremely well whilst ‘immersive washing’ will result in a loud backlash (ex. Willy’s Chocolate Experience). The temporary nature has also touched retail and dining with an expanding offering in experiential popups. Immersive wellness / sensory spa is on its way Immersive wellness creates a counter trend to the fast life. Using similar tech to immersive attractions, these are more niche, lower capacity projects. Light and sound therapy, personalised massage and meditation pods, projection mapping around themes of nature, water simulation and generative AI are utilised, often with no water, to slow down, take a break and improve our mental health. More prominent in North America, the concept is still in its infancy in Europe and no successful business model has yet been established. But it is likely to come fast. Key to success will be the inability to recreate the experience at home and capacity planning.
69%
23% 5% 3%
Feasibility
Enhancement Strategy/other Due Diligence
remains vital. Associated with increased capex and maintenance costs this should of course be carefully planned for, especially when retrofitted. Cultural attractions reinvented The Instagram and TikTok generations have made the visual appeal a crucial factor of visitation, and cultural attractions are embracing it. Among recent striking openings are FENIX Museum of Migration in Rotterdam and V&A East Storehouse in London. Would the next step be an occasional sensitive integration of technology in educational attractions to enhance educational experience and information retention? We certainly hope so.
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Meet our experts Leadership team
Michael Collins Senior Partner michael@leisuredevelopment.co.uk
Yael Coifman Senior Partner yael@leisuredevelopment.co.uk
Natalia Bakhlina Partner natalia@leisuredevelopment.co.uk
Kathleen LaClair Partner LDP Americas kathleen@leisuredevelopment.co.uk
James Kennard Partner james@leisuredevelopment.co.uk
Sam Davey Senior Associate sam@leisuredevelopment.co.uk
Frea Nunn Marketing & Operations Manager frea@leisuredevelopment.co.uk
Isabel Gross Associate isabel@leisuredevelopment.co.uk
Megan Hiatt Associate megan@leisuredevelopment.co.uk
Unlock your next chapter in visitor attractions At Leisure Development Partners (LDP), we help developers, operators, and investors turn bold ideas into successful destinations. Whether you’re exploring new concepts, optimizing an existing attraction, or looking to drive economic and tourism impact, LDP delivers the strategic insights and data-driven intelligence you need to make informed decisions. Let’s talk about your next project. leisuredevelopment.co.uk
Special thanks to our research contributors Theo Norton and Theo Scott
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