The Experience Economist - Europe 2026 Focus on the UK

THE EXPERIENCE ECONOMIST EUROPE EDITION 2026 FOCUS ON THE UK

The Experience Economist is a series of industry publications from Leisure Development Partners (LDP), the leading firm in visitor attractions economics and strategy. Shifting strategies

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.

With only one European site, Disney leads the revenue race by a significant margin, accounting for 52 percent of total groups revenue or 43 percent when independent powerhouses are included. Merlin leads in attendance and portfolio size.

180m annual theme park and waterpark visits 327 amusement/theme park & waterpark visits per 1,000 residents €18bn total economic impact 162k total employment impact

The World of Frozen at Disney Adventure World

In this European Edition, we take a closer look at the changing landscape of European attraction groups and key players. Our main focus this year, however, is on UK’s new projects, economic challenges and the state of competitive socialising. The shift in Europe’s attraction groups strategy In contrast with the US and China (which was in the spotlight in our previous publication), both run mostly by domestic corporate giants, Europe’s market retains a healthy share of independent and family-owned attractions. Groups nevertheless have a strong presence, particularly in Western Europe

where they collectively control just over half of the theme park market and a substantial share of the waterpark market. Of Europe’s top-15 theme parks, eight are group-operated while a further four are run by independent powerhouses with multiple attractions and significant onsite accommodation that outperform some smaller groups on key KPIs. The landscape is changing. Following an era of rapid consolidation, expansion and ‘growth at all costs’ from the mid-2000s and through the 2010s, the group market has entered a new stage (possibly a relatively short one) focused on portfolio optimisation and operational efficiency.

2 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP

THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 3

Value over volume Disney’s rebrand of its Studios park as Disney Adventure World marks the resort’s transition into the premium niche. The €2bn investment plan announced in 2018 and covering Marvel, Frozen and Lion King themed lands along with other developments is nearing completion, with the ultimate target of 2028. At around €210 in 2025, Disney’s spend per visit was 80 percent over the next strongest performer. Multi-site operators are likewise prioritising the value of a visit over attendance race. Both Merlin’s European portfolio and attendance have shrunk, compared to pre-pandemic levels, yet 2025 revenues were up 15 percent with underlying EBITDA on par with 2019. Parques Reunidos has exited the US to focus on maximising revenue from its leading European properties. Two main investment paths are emerging: • Extending stays: large-scale theme park resorts are increasingly seeking to turn visits into multi-day stays, raising spend per person. Disney has been renovating hotels, Merlin continues to expand onsite accommodation at its top properties. Parques Reunidos is further developing Tropical Islands while Compagnie des Alpes (CDA), Looping Experiences and Plopsa have all identified short-stay destinations as a strategic priority. Lodges, holiday villages and nature-linked accommodation seem to be the trend across the board, along with some

IP themed rooms. Needless to say, expanding entertainment content will be crucial to extending length of stay. • Growing IP partnerships: well selected and integrated IPs have proven to generate price premiums and increase spends keeping this marketplace busy, although the trend is less widespread than accommodation. Disney continues to leverage its own IPs, while Merlin is integrating Bluey, Minecraft, Harry Potter and Peppa Pig, and Parques Reunidos is rolling out Paramount, Warner Bros and Spin Master branded experiences. In-asset performance optimisation & divesting In the era of soaring operating costs, reducing the cost base and improving operational efficiencies are central to group strategies. As part of this, digitalisation, smart management systems and use of other supporting technologies are increasingly important. Divesting non-core businesses has also allowed Merlin (that seeks to divest its Sealife portfolio and has sold the Lego Discovery Centres) and Parques Reunidos (that divested its US portfolio) to focus investment on their front runners. Environmental credentials Driven by both reputation and the potential to reduce utility costs, many key players are investing into solar energy and other environmental initiatives. PortAventura reports operating on 100

Merlin 3,710 keys

European attraction groups & major players, 2025 KPIs

Efteling Bosrijk lodges

Disney 5,755 keys

percent solar energy, a third of which is generated onsite; De Efteling and Europa Park also have very sizeable solar facilities. Parques Reunidos targets 100 percent renewable electricity and electrification of its internal infrastructure, while Disney and Merlin have announced 2030 carbon neutrality goals, alongside other investments. Aspro is pursuing an aggressive sustainability and solar rollout. Renewable energy, recycling, phasing out plastic, sustainable food sourcing, LED upgrades, electric power and wildlife protection are no longer differentiators but an accepted part of operating an attraction business. It is believed that another global leading operator such as Universal entering the market may well end this stage pushing the competitor groups and

attractions to scale up to protect their positions. Whilst this is the case for those seeking domination, let’s not forget that there is a requirement for every attraction scale. Not every visit can reach a few hundred pounds.

Parques Reunidos 1,449 keys

PortAventura 3,356 keys

CDA (Leisure Parks) 789 keys

Puy du Fou 600 keys

Looping Experiences 271 keys

Europa Park 1,373 keys

REVENUE, EUR M GROUP INDEPENDENT

Aspro 0 keys

The key is differentiation, finding the right audience and serving a spectrum of population groups.

Plopsa 299 keys

de Efteling 676 keys

Number of attractions in European portfolio

Source: Individual groups & LDP database

4 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP

THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 5

This year we have focused on the UK market which is starting to rival Germany - the long-standing runner up in the European attractions market share. From pioneering competitive socialising concepts to a flood of experiential attractions, the UK has unexpectedly emerged as Europe’s most dynamic and innovative market drawing operator interest from around the world. A destination for major projects A major shake-up is coming to the UK attractions industry, with over £8.5 billion of investment announced over the next 5 years (see the Major announced projects map for details). Rising competition will put pressure on the existing operators to up their game driving sizeable reinvestments after a decade of relatively limited development. Currently, the most notable expansions include Chessington World of Adventure with over £80m committed to Minecraft Land, Paw Patrol Land and an indoor waterpark, and Kynren – The Storied Lands with a major investment in new shows and regeneration. More will be needed from other players in the future to withstand the competition and secure the niche.

Not all the projects may end up materialising but the pipeline points to unprecedented opportunities for the attractions development ecosystem, from design, construction and finance to operations, hospitality, dining and ancillary services. At a time when the UK needs external investment, jobs and economic impact, the attractions industry could make a significant contribution.

The UK Focus

This year we have focused on the UK market which is starting to rival Germany – the long-standing runner up in the European attractions market share.

Each Puy du Fou park is a unique artistic creation, deeply rooted in the land it inhabits. The richness of British history and its cultural heritage make the United Kingdom a natural, almost self-evident destination for a Puy du Fou park. While the British version will retain the fundamental principles that have underpinned our success in France and Spain, it will above all be resolutely and authentically British – in every detail, every creation and every shared emotion.

- David Nouaille, Chief International Development Officer of Puy du Fou

Alton Towers, Smile

6 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP

THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 7

Major announced projects in the UK

pushing the sector towards a premium position. On the surface, the UK shows comparatively reasonable statistics: the average price has risen just 14 percent in ten years, well below the average of 53 percent across the other Western European markets reviewed. Moreover, pricing rose twice as fast as real GDP per capita, not ideal but significantly better than most Western European markets where the discrepancy ranged from 4 to 13 times (chart below). There are, however, two important caveats. Firstly, the slower price growth across UK parks has been driven in part by VAT relief and Merlin’s shift towards more moderate pricing and lower discounting (Merlin operates all UK’s major theme parks). Elsewhere across the attractions market the picture is more comparable with the rest of Europe.

The challenges The outlook is not without challenges. Many are common across Western Europe but particularly pronounced in the UK. Pricing & affordability We track changes in lead price (high season, adult gate price) for major theme parks. Across Europe, price increases have generally outpaced both inflation and real GDP per capita growth, indicating that theme parks have become less affordable and Across Europe, price increases have generally outpaced both inflation and real GDP per capita growth, indicating that theme parks have become less affordable and pushing the sector towards a premium position.

Published Target Attendance

Announced Content

Target Opening

Published Investment

Site size

Therme Manchester 11.5 ha

Late 2028

1.7m

£500m

Eden Project Morecambe 4.5 ha

Thermal spa, waterpark, health & fitness

Late 2028

500k

The UK government introduced a temporary VAT rate reduction (to 5 percent down from a regular rate of 20 percent) on admissions to children and family attractions and kids’ meals for the two peak summer months of 2026 (25 Jun – 1 Sep).

Great Wolf Lodge – 3 locations 11 ha, 19 ha, 19 ha

£100m

Gardens, biodome, immersive experience

2029/2030

500-600k per site

£200m each

Indoor waterpark with ~500 keys, indoor entertainment, dining

Puy du Fou UK, Bicester 58 ha

Increase in average lead price at major theme parks vs GDP per Capita over 2016-2026, local currency

Price Real GDP / capita Discrepancy

2029

60%

£600m

50%

13 shows, 4 villages, 350 keys, Conference

40%

30%

x13

20%

Rhydycar West

Universal Studios UK, Bedford 193 ha

Wake the Tiger – Absurd City, London

30 ha (of 223 ha site)

7,400 sqm

10%

2030

2031

Oct 2026

£300m

8.1m in year 1

600,000k

Denmark

Germany

Sweden

France

Norway

Spain

Netherlands

UK’s longest indoor ski slope, indoor waterpark, adventure centre, accommodation, spa & dining

£5bn+ £1.3bn grant

5 immersive districts over 2 floors

Source: Individual attractions, Eurostat & LDP Database

Theme Park, 500 keys, RDE

8 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP

THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 9

High cost of business Affordability does not only concern the consumers. Heavy operating cost base of the UK businesses is driven by VAT, rents, business rates, labour on- costs and utility bills. The temporary VAT relief scheme recognises these pressures. Although it is too early to assess its overall impact, most major attractions and groups (e.g. Merlin, Gulliver’s Theme Park Resorts, Paulton’s Park, Kew Gardens and Warner Bros. Studio Tour) have passed some or all of the savings to customers. As entertainment becomes less affordable, some market correction is expected. This need not mean lower headline prices: hidden discounting, promotions and packaging can achieve the same effect. The VAT scheme has provided an opportunity to do this without directly hurting operators. The key question is whether it will be extended, particularly into off-peak months when residents are more price-sensitive or potentially become a longer-term measure that could further support new market entrants.

The rise of temporary and short-term experiential attractions and competitive socialising across the UK, has offered a compelling solution: these concepts are value-driven, require less demand and repeatability (although this varies), occupy smaller footprints with lower rents and rates, and can be scaled once proven, creating efficiencies. However, as the market becomes increasingly crowded, the changing landscape warrants a closer look at competitive socialising.

Secondly, these are relative numbers. When looking in absolute terms (chart below), the UK was already Europe’s most expensive theme park market in 2016. A weaker pound and the VAT scheme have since moved the UK towards a more reasonable position, a step in the right direction but affordability remains a concern. UK GDP per capita ranks towards the lower end of the markets reviewed, reflecting a wider economic imbalance: the combination of a high cost of living and moderate population incomes puts the UK among Western Europe’s least affordable countries for its residents. Entertainment is no exception.

The combination of a high cost of living and moderate population incomes puts the UK among Western Europe’s least affordable countries for its residents.

As entertainment becomes less affordable, some market correction is expected.

Average lead price at major theme parks vs GDP per capita, in EUR

Price 2026/rank

Price 2016

2025 GDP per cap/rank

1st 83,771

1st

2nd 3rd

2nd 68,365

4th

3rd 65,377

4th 55,631

5th

7th 6th

5th 53,517

Denmark France Norway Germany Sweden France excl Disney Spain

8th

6th 51,024

7th 43,326

8th 33,905

Netherlands

Source: Individual attractions, Eurostat & LDP Database

Kew Gardens

10 THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP

THE EXPERIENCE ECONOMIST: EUROPE EDITION 2026 | © LDP 11

Comparing the metrics

Sweden

10.5m 55.6k 576 623m 5.5k

Finland

Iceland

Norway

5.6m 49.9k 502 270m 2.5k

389k 87.8k

5.5m 83.7k 402 208m 2.0k

Estonia

Denmark

1.4m 30.3k 441 26.7m 540

69.4m 51.0k 235 1.6bn 14.6k

5.9m 68.3k 2.1k 828m 11.3k Germany

Ireland

Latvia

5.4m 115.6k 364 126m 1.8k

83.5m 53.5k 270 2.5bn 20.2k Netherlands

1.8m 23.1k 109 14.6m 280

France

Lithuania

18.0m 65.3k 612 1.0bn 10.2k Belgium

68.8m 43.3k 450 5.9bn 28.3k

2.8m 29.0k 244 39.0m 630

Austria

Belarus

9.1m 55.9k 630 212m 5.2k

11.8m 54.0k 450 539m 4.9k

9.0m 9.3k Poland

Switzerland

9.0m 102.5k 85 82.5m 693

36.4m 25.1k 341 681m 11.2k Ukraine

Slovenia

2.1m 33.0k 533 71.1m 1.0k

32.7m 5.7k Czechia

Croatia

3.8m 24.2k 237 70.8m 837

10.9m 31.6k 284 194m 2.7k Slovakia

Italy

58.9m 38.3k 188 933m 9.9k Spain

5.4m 25.2k 176 59.7m 846 Hungary

49.1m 33.9k 328 1.6bn 15.4k Portugal

9.5m 22.6k 293 96.5m 2.5k Romania

10.7m 28.4k 179 120.1m 1.7k

19.0m 20.1k 178 154m 3.0k Serbia

Key

Resident population, 2025

6.5m 13.5k 76 13.8m 450 Bulgaria

Gross domestic product, impact and tickets (€) Total theme park and water park attendance per 1,000 residents

6.4m 18.5k 281

123m 1.5k

Estimated theme park and water park economic impact (monetary €)

Greece

Estimated theme park and water park employment impact (jobs)

10.3m 23.9k 113 55.0m 1.0k 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

982k 36.9k 792 55.9m 725

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

0.5m 43.6k

Population per competitive socialising venue in key markets, 000s residents Greater Metro Area Core City

Oversupply is inevitably forcing weaker concepts and locations to exit. Over the past couple of years at least 45 venues have closed their doors - roughly 1 in 8 - with just over half in London where competition has been further intensified by multiplying experiential attractions that target a similar audience. At the end of 2025, Sixes entered administration, Gravity went through a CVA and Topgolf’s owners sold 60 percent of the business. Market maturity has therefore brought concepts under greater scrutiny, requiring more rigour around proposition and quality, but also location and public transport accessibility. On the positive side, some continue to expand with at least six new venues announced for opening in London alone in the coming months. The sector is also responding to broader economic pressures. Projects are becoming larger, with multi- activity chain complexes effectively reinventing the entertainment centre model that has existed for decades at a higher quality level. These large, dark, neon-lit busy spaces promise a party feel, encourage longer evening and weekend stays and drive higher spend. Smaller venues are also diversifying adding extra activities around the primary attractor. Consolidation offers destination appeal and economies of scale but inevitably means longer payback periods and greater risks, echoing the challenges faced by the previous generation of entertainment centres. Opportunities nevertheless remain for rollouts, niche activities, branded concepts, careful expansion into underserved markets and conversion of existing F&B outlets many of which have excellent locations, into competitive socialising venues. Not everything has to be immersive – sometimes, you just want to have some fun. At £15 per hour, the cost of entertainment in this segment sits 40 percent above the theme park market. While some premium is justified by the shorter, more intense experience, repeat visits can quickly become expensive.

Natalia Bakhlina on Competitive Socialising: State of Play Expert view

Note: population in greater metropolitan area Source: ONS & LDP database

Venues by Primary Activity

Multi-activity (large) 51%

Other 10%

Axe 4% Bowling 4% Darts 6%

Hollywood Bowl 23%

PAC-MAN Live

Boom Battle Bar 9%

Games 10%

A concept that finally made corporate events relatively affordable, birthdays easy to organise and family weekend outings accessible has created an industry now over ten years old. The definition remains broad and boundaries blurry, with hundreds of UK venues identifying as competitive socialising. However, not every FEC, bowling alley, mini golf, axe throwing or escape room venue has the quality, ambience and integrated premium F&B of a true modern competitive socialising concept. These have been the criteria that determined a viable proposition. Additionally, as the primary motivation is the activity rather than food, many board-game cafés, pubs and bars offering limited entertainment would also fall outside the segment. Even on a stricter basis, the market is becoming overcrowded. Including large multi-activity entertainment centres such as Hollywood Bowl, Roxy, Lane7, Boom Battle Bar and Gravity Max, there are around 350 and 400 competitive socialising venues nationally – roughly one per 185k residents. In London, the ratio is one per 110k– a clear sign of maturity and a demand-side red flag, as financially supporting the existing supply would require very high repeatability.

Whist many key cities hover around similar supply levels, there is some variation, with the Glasgow and Edinburgh demonstrating somewhat lower supply, whilst Bristol and Leeds are particularly well served relative to population. Note how rankings on the top chart change when comparing with core-city populations vs wider metropolitan areas. Over the past couple of years at least 45 venues have closed their doors - roughly 1 in 8 - with just over half in London where competition has been further intensified by multiplying experiential attractions that target a similar audience.

Roxy 6%

Golf 14%

Lane7 6%

Venues by location

Sheffield 2%

Edinburgh 2%

Other 38%

Bristol 4% Cardiff 3%

Newcastle 3% Liverpool 4% Glasgow 4%

London 24%

Leeds 4%

Birmingham 6%

Manchester 6%

Note: not multi activity sites are driven by primary marketed activity (and could still offer secondary activities on the side) Source: LDP database

Meet our experts Our London expert team

Michael Collins CEO & Senior Partner michael@leisuredevelopment.co.uk

Yael Coifman Senior Partner yael@leisuredevelopment.co.uk

Natalia Bakhlina Partner natalia@leisuredevelopment.co.uk

James Kennard Partner james@leisuredevelopment.co.uk

Kathleen LaClair Partner LDP Americas kathleen@leisuredevelopment.co.uk

Sam Davey Senior Associate sam@leisuredevelopment.co.uk

Isabel Gross Senior Associate isabel@leisuredevelopment.co.uk

Megan Hiatt Associate megan@leisuredevelopment.co.uk

Liz Laurent Research Analyst liz@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 Callum Jacques, Johnnie Collins and Seb Roberts.

Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16

www.leisuredevelopment.co.uk

Made with FlippingBook flipbook maker