Bob Iger at Shanghai Disneyland who defies Chinese withdrawal

Spend a day at Shanghai Disneyland and you wouldn’t know that Chinese consumers are struggling.

Wang Jiandong and his girlfriend Yan Xu said they skipped meals out and skimped on daily necessities so they could afford to enjoy the park.

“We save money in our daily lives so we can spend more on travel,” Wang explained while taking photos with Yan in front of the iconic Disney castle. “It’s a romantic place.”

Shanghai Disneyland celebrated its 10th anniversary this week, with alumni Disney CEO Bob Iger arrives for the festivities.

“I really feel filled with pride,” Iger told CNBC in an interview at the park. “I’ve been involved in this project since the very beginning, in the late 90s.”

Iger said the occasion held special significance “knowing not only how successful it has been, but also how important it is in so many ways, not only to Walt Disney Co. but to the Chinese people.”

Shanghai Disneyland will reach 100 million cumulative visitors in 2025, according to the company. This is a relatively new but important anchor in Disney’s 100-plus year history.

Disney’s Experiences division, which includes its theme parks, resorts, cruises and merchandise, reported nearly $9.5 billion in revenue during the company’s most recent quarter, which ended in March, a 7% year-over-year increase. The division is Disney’s second largest, accounting for nearly 40% of the company’s overall revenue and nearly 60% of its operating profit.

While Disney executives have noted a recent decline in international visitors to the company’s U.S. parks, its outposts in other countries are faring better.

According to the Themed Entertainment Association, which tracks global theme park data, the Shanghai park attracted 14.7 million visitors in 2024, an increase of 5% year-over-year, making it the fifth most visited theme park in the world behind Disney Parks in Orlando, Florida; Anaheim, California; and Tokyo as well as Universal Studios Japan.

Under new CEO Josh D’Amaro, Disney is eyeing further global expansion, with a new cruise ship docked in Singapore and an upcoming park and resort in Abu Dhabi, United Arab Emirates. The company announced a $60 billion investment over 10 years in its parks in 2023.

“Because of the available property and intellectual properties that Disney has, the opportunities for expansion are limitless,” Iger told CNBC this week. “As long as the business is thriving, which it has been, there’s no reason why it can’t continue to grow over time.”

Iger, who stepped down from his second term as CEO in March and is still a member of its board, declined to comment on reports that Disney was considering another theme park for China.

Shanghai Disneyland goes against a larger trend in China: consumption is generally low.

Retail sales fell in May for the first time in three years. Car sales are down double digits. People are reducing their consumption, but they haven’t reduced it completely.

“Today’s young Chinese people do not refuse to consume. They care more about value for money,” Lin Huanjie, president of the China Institute of Theme Park Studies, said in written comments to CNBC.

“If a Disney trip provides them with strong memories, compelling social content and high emotional value, they are always willing to pay,” Lin said. “If it’s just a regular visit, they’ll tighten their budget. The popularity of characters like LinaBell in China also shows that young consumers, even under economic pressure, are still willing to pay for emotionally comforting consumption.

University student Smile Wei is one such park-goer.

Wei traveled with a friend for a vacation to Shanghai and told CNBC that his budget was 5,000 yuan ($735) for the five-day trip. They’ve already spent a fifth of that at the park, Wei said.

“My friend and I planned to book a hotel room with two beds,” Wei said. “But we’ve cut it down to one to buy more souvenirs here.”

Shanghai resident Wang Lu told CNBC that she specifically wanted to be at the park on June 16.

“It’s both my birthday and the park’s 10th^th birthday,” she said. “There is nowhere else I would rather spend this special day.”