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  • Writer's pictureBy The Financial District

Americans Spending Less On Entertainment

Vishesh Raisinghani of Moneywise reported that, while Disney is suffering lower foot traffic in Florida, which GOP Gov. Ron DeSantis reduces to its “culture war” with him, facts show that Universal Park, a Disney rival, also registered its lowest attendance on record this past Independence Day.

Photo Insert: Universal Orlando.

Moreover, Six Flags and SeaWorld have also recorded lower attendance in recent months, indicating that with a recession looming and Americans’ saving rates declining, consumers may simply be holding off on shelling out on expensive family vacations like visiting theme parks.

Research from the Federal Reserve found that American households had completely depleted their pandemic-era excess savings, Raisinghani revealed.

The situation may yet be a magical opportunity for eager investors to make a fast buck on Disney, which is a cheap buy now. Disney stock hit a peak price of $197 in March 2021. Since then, it has plummeted 56%. It is now trading at the same level it was in early 2015.

Disney has indicated that Disney’s dividend payouts could resume after they were suspended in 2020.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Analysts, meanwhile, expect average annual earnings to grow 20% over the next three to five years. The stock trades at a price-to-earnings ratio of 39.95, which could be justified if this double-digit earnings growth target is met, Moneywise revealed.

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