Bob Iger at Shanghai Disneyland as he opposes Chinese backlash

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

Wang Jiandong and his girlfriend Yan Xu said that they have been neglecting eating out and doing nothing about daily needs so that they can enjoy the park.

“We save in our daily lives so we can spend more money on travel,” Wang explained while posing for photos with Yan in front of Disney’s iconic castle. “This is a place of love.”

Shanghai Disneyland celebrated its 10th anniversary this week, and the former Disney CEO Bob Iger flies in for the festivities.

“I feel so proud,” Iger told CNBC during an interview at the park. “I have been involved in this project since the early 1990s.”

Iger said the event had added significance “not only knowing how successful it was, but how important it is in many ways, not only to the Walt Disney Co. but also to the people of China.”

Shanghai Disneyland has hit 100 million visitors by 2025, according to the company. It’s a new but important milestone in Disney’s more than 100-year history.

Disney’s experiences division, which includes theme parks, resorts, cruises and merchandise, reported revenue of nearly $9.5 billion in the company’s latest quarter, which ended in March, a 7% year-over-year increase. This division is Disney’s second largest, accounting for about 40% of the company’s total revenue and about 60% of its operating income.

While Disney executives have noted a recent slowdown in international visitors to the company’s US parks, its overseas locations are improving.

According to the Themed Entertainment Association, which tracks global theme park data, the Shanghai park is expected to attract 14.7 million visitors in 2024 – a 5% annual increase – making it the fifth most visited theme park in the world behind Disney parks in Orlando, Florida; Anaheim, California; and Tokyo and Universal Studios Japan.

Under newly appointed 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 10-year, $60 billion investment in its parks by 2023.

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

Iger, who stepped down from his second post as CEO in March and remains a member of the board of directors, declined to comment on reports that Disney is considering another park in China.

Shanghai Disneyland is producing a big trend in China: consumption is very bad.

Retail sales fell in May for the first time in three years. Auto sales fell by double digits. People are reducing their consumption, but not completely.

“Chinese youth today do not refuse food. Rather, they are more concerned about ‘value for money,'” said Lin Huanjie, president of the Institute for Theme Park Studies in China, in comments written to CNBC.

“If a Disney trip delivers strong memories, compelling social content, and high emotional value, they’re still willing to pay,” Lin said. “If it’s just a casual visit, they’ll tighten their budget. The popularity of actresses like LinaBell in China shows that young consumers, even under economic pressure, are still willing to pay for emotional comfort.”

University student Smile Wei is one of those who park cars.

Wei went on vacation with a friend to Shanghai and told CNBC that they budgeted 5,000 yuan ($735) for the five-day trip. They just spent a fifth of that on the park, Wei said.

“My friend and I planned to book a hotel room with two beds,” Wei said. “But we were reduced to one to buy some souvenirs here.”

Shanghai resident Wang Lu told CNBC that he wants to be in the park on June 16.

“It’s both my birthday and the park’s 10th^th “There is no other place I would rather spend this special day.”