Universal Studios implements demand pricing
Tuesday, 03 Feb, 2016
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Ahead of the highly anticipated April opening of the new Wizarding World of Harry Potter attraction, Universal Studios Hollywood is implementing a form of ‘demand pricing’ for tickets.
Universal will be the first major US theme park operator to adopt demand based pricing, long used by airline revenue management, hotels and the unpopular ‘surge pricing’ by ride hailing apps Uber and Lyft.
Under the new pricing policy Universal Studios tickets bought in advance online for low-demand days can save up to $20 on the gate price of $95 which remains unchanged.
Bookings for busier weekends or during holidays save just $5 when booked online.
Universal is hoping the incentive of lower ticket prices will ultimately lead to shorter wait lines, one expert says.
"Demand-based pricing not only helps maximize ticket revenues, but also provides a tool to shift price-conscious consumers to less-busy days," said Michael Erstad, senior consumer analyst at New York-based ITG Investment Research.
"Spreading visitations throughout the week may help improve the overall customer experience at the park."
When the Harry Potter attraction first debuted at Universal’s Orlando park, attendance spiked by a estimated 30%.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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