Is the Brexit good or bad for the Orlando theme parks?
With the United Kingdom voting narrowly yesterday to leave the European Union, people in the tourism industry will be wondering how the change will affect Britons' travel habits.
The United Kingdom sends hundreds of thousands of visitors to Central Florida and its theme parks each year. The UK sent 1.7 million of the 11.2 million overseas visitors to the state of Florida last year, according to state tourism officials. That's second to Brazil among nations outside North America.
However, the British Pound tanked against the US dollar last night as the Brexit vote totals came in, showing a win for the "Leave" side. So in the short term, Brexit will be very bad for the Orlando theme parks. A weak pound makes visiting the United States much more expensive for UK residents, which likely will persuade more of them to stay home or to look for cheaper vacation alternatives. On the flip side, a weaker pound makes Britain a more affordable destination for Americans, who might decide this summer's the time to visit the Harry Potter-themed Warner Bros. Studio Tour in Leavesden rather than the Wizarding World of Harry Potter in Universal Orlando.
For now, though, the United Kingdom remains in the EU. The process of extracting the UK from the EU will take at least two years, during which UK citizens may continue to travel and work across the EU without visas and special paperwork. What happens after that, though, is up in the air. The United Kingdom retained its own currency and never adopted the Euro, which should lessen the economic impact and smooth the logistics of an exit. But Britons might decided to spend the next two years cramming as much Continental travel in as they can afford, saving trips to Orlando for some other time. (Update: Rephrased to remove confusion between EU and the Schengen Area.)
After the Brexit is complete, however, it's possible that spending time in America might end up on equal logistical footing with travel to France and Spain for UK residents, if more limitations return for travel to European countries. That could then help Florida, as it would no longer suffer the logistical disadvantages it now has versus vacation destinations in southern Europe. But it's possible that the UK's new leadership (Prime Minister David Cameron just quit) could negotiate easy travel to certain EU countries after the Brexit. And US customs is US customs. Again... at this point, who knows?
Ultimately, the health of UK tourism abroad will depend upon the health of the UK economy at home. The Brexit may result in the loss of work permissions for millions of EU citizens now living in the UK. If they leave the United Kingdom en masse, as Leave supports seems to be hoping, that might open many new jobs for Britons, raising wages and prosperity. However, as the Stay side warned, the loss of all those immigrants also means the loss of their economic demand — all the stuff that they bought and paid for in the UK. The question is if that loss of demand will lead to greater job losses than gains, throwing the UK into recession and depressing citizens' ability to afford travel abroad.
In the years ahead, we'll find out which side was right. Not through logical arguments or lessons applied from elsewhere, but through hard, real-world data in the UK. Until we get those answers, though, the short term answer is that a weaker pound means fewer visitors for Central Florida's theme parks.
The pound dropped 10%, but recovered to 6 - 7% dropoff. Not enough to hold off a vacation. In the long term, the UK is better off managing its own economy.
As a UK resident I can tell you that there is very considerable shock in the UK right now and considerable anger at the result. If any of you have been following the campaign you will know that it was fought with scant reference to facts or economic truths and lots of references to nebulous concepts of 'greatness' and 'independence' and 'freedom'. Oh, and a lot of blatant lies. The immediate impact has been terrible and the long term effects may well be bad for Orlando. My wife and I were planning another major vacation there in a couple of years from now. The pound had already been slipping against the dollar and unless it rallies considerably we will have to reconsider. That 6-7% would be more than enough to make a difference between 'yes' or 'no'. I suspect our situation will be repeated across the whole UK.
It's not a good day for the UK today ... But I'm coming back to Orlando and all its parks next April ... Even if I've got to sell a kidney ... ??.. ??...??...??
In addition in the rest or Europe the stocks are tumbling down. There is no reason that should continue but the only good thing at the moment I can come up with is that it is a nice time to visit london for a week.
It should be bad long-term for Disneyland Paris and other European parks. Despite spending vacations in the US, most Brits I've talked to have already traveled to DLPR or Europa Park, etc. Spain might be hurt in particular, because that was also a popular vacation spot with a lot of second homes of UK residents, from what I understand.
I would expect the European parks will hit a bit of an upswing if guests decide to vacation at places like Disneyland Paris rather than in Orlando.
The short term impact is bad news for Britain, but the long term impact will see a resurgence of the UK back to it's prominence and it will probably propel the UK well past most EU members. I say good on the UK. They've effectively given the proverbial middle-finger to the globalist agenda of the EU. The EU will try to make them pay for it, but the UK has much more freedom to negotiate terms of their own trade deals with the major producers and importers of the world (China, U.S., Japan, Australia, etc.). If Trump wins, it's good news for the U.K., as he will accelerate favorable trade deals with the U.K. Hillary....she's in bed with the globalists and world-banks so Britain will suffer.
WDW Orlando is just as present in marketing over here as Disneyland Paris. I did try to look into a weekend trip to DLP once but from my non london location (Glasgow) I think it ended up being so expensive that getting the "proper" experience in Orlando wouldn't have cost much more. ]
Also being from the UK I can tell you both sides were full of scaremongering and lies, will it be good or bad no one knows, many lied to try to save there jobs on both sides, one side one the other side are looking for new employment and our ex prime minister may have more hidden shares he cared to lie about, who knows, it could be like all those people, politicians, banks etc who told us it was bad not to be part of the Euro years ago yet we appear to have survived with the British pound so who knows, it may be good to control our own destiny but unless we try we won't find out I guess, be good to look back at this post in 12 months and 24 months where we will have a better outlook on life in the UK. P.s. The pound tumbled but I bet come a week or two it will recover.
It annoys me as an Aussie as our dollar also dropped 4% with the turmoil it created. We've already booked and paid for some of a US holiday next January. Hopefully our dollar will right itself by the time we go.
Brexit is one more nail in the coffin of the EuroDisney disaster.
"will it be good or bad no one knows"
I know we try to steer clear of politics here. But I will just say that I have never been so deeply ashamed to be British as today.
Very unlikely an election will be called as the law was changed in 2011 with the 'fixed term parliament act'
**shudders at the thought of discussing politics on this site**
I don't think in the short-medium term this will make much of a difference to UK visitors deciding to go to Orlando.
The fixed term parliaments act isn't worth the paper it's written on. Although it does require a supermajority to call an election, the act itself only requires a simple majority to repeal, restoring the ability to call an election to the PM.
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