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Why Disney is experiencing low attendance
A travel expert weighed in on Walt Disney World's lack of attendance on the Fourth of July.
LAKE BUENA VISTA, Fla. - Disney CEO Bob Iger is addressing a report that stated Walt Disney World was experiencing a slump in attendance this summer.
The recent Fourth of July holiday saw one of the slowest weekends in nearly a decade, according to the Wall Street Journal, citing data from travel company Touring Plan. The numbers also show "significantly lower" wait times for rides at the parks, which industry experts say is the result of price hikes and changes to park operations.
Speaking with CNBC's David Faber on "Squawk Box" the day after The Walt Disney Board of Directors unanimously voted to extend his contact through 2026, Iger disputed this report, calling it "not accurate."
Faber brought up the Wall Street Journal's article and asked Iger if his "fight" with Florida Gov. Ron DeSantis had anything to do with it.
"No, no, we see no sign of that at all. The article that you referred to was not accurate actually," Iger said. "It was measuring attendance at Disney World on July 4, which didn’t really factor in temperature, which is about 100 degrees and 99% humidity on that day."
July 4 was the hottest Fourth of July in Orlando in the last 25 years, according to online weather data. The record for the date is 98 degrees set in 1936. However, the last Fourth of July that saw 97 degrees was in 1998 – 25 years ago.
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Iger also brought up another factor that might be impacting attendance at Walt Disney World: COVID-19. But not in the way you think.
Florida was one of the first states to open up during the COVID-19 pandemic in 2020, Iger began. He said it created "huge demand" and the parks "didn't have competition" since other states were still under lockdown at the time.
"So if you look at the numbers in Florida in 2023, or just recently versus 2022, where not as much was open and Florida was the only thing, the only game in town," Iger said. "There’s a lot more competition today. So, against 2022, the state of Florida has been down."
He also said hotel tax revenue in some Florida counties is down by at least 6%.
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One thing Iger thinks doesn't have anything to do with the low attendance reports, however, is pricing.
In not so many words, Iger said he's "not concerned" and "pricing is not an issue."
"One of the things that we addressed as soon as I came back was whether our pricing was right or not and whether our pricing reflected value. I should, I should also say I don’t know when the last time you visited Disney World, I say it’s where the Disney brand lives in his most sublime form," Iger said. "I still believe that it’s an incredible experience. It’s a very, very popular business and product and it’s very successful and, you know, we’re not wringing our hands over it."
All in all, Iger said he doesn't have "long-term concerns" about it.