China's 'Happiness Business' Theme Parks Poised for Rapid Growth in 2024

China's theme park industry is experiencing unprecedented growth, as a surge in domestic tourism and substantial investments signal a new golden era for the sector. With the July 5 opening of Legoland Shanghai Resort sparking overwhelming online interest—crashing the park’s mini-program during its pre-announcement—the “happiness business” has captured the imaginations and wallets of millions of families eager for leisure and adventure.

Last year, the nation’s amusement park economy soared to nearly 60 billion yuan. This figure is projected to almost double by 2028, reaching over 110 billion yuan. Such rapid growth is positioning China among the world’s premier destinations for global theme park development and investment. As disposable incomes rise and consumer preferences shift toward immersive recreational experiences, the potential for further expansion appears boundless.

International theme park giants are ramping up their presence across China. Shanghai Disneyland is set to debut its first Marvel-themed attraction and construct a third themed hotel. Meanwhile, Hong Kong Disneyland is expanding its Marvel area and preparing new Pixar-inspired entertainment offerings. Universal Beijing Resort is entering its second phase of development, while Legoland Shenzhen is fast-tracking construction. Looking ahead, Shanghai will soon welcome the world’s largest Peppa Pig outdoor park and the much-anticipated Harry Potter Studio Tour, both slated to open in 2027.

Domestic firms are also making bold moves to capitalize on rising demand. Fantawild, a homegrown brand, unveiled nine new parks within just eight months last year. Popular toy company Pop Mart is reimagining two-thirds of its City Park in Beijing as it prepares for further expansion. Across the country, more than 50 new theme parks are in various stages of development or scheduled to launch throughout the year, featuring themes as varied as film, gaming, winter sports, aquatic life, and lush forests.

Despite these impressive gains, the market penetration of theme parks on the Chinese mainland was only 27 percent as of September 2023—a stark contrast to the 68 percent average in more mature markets. This gap suggests enormous untapped potential, with analysts forecasting a compound annual growth rate of 7.2 percent for the next five years. Many cities are actively transforming these parks into signature attractions and critical engines driving local economic development.

The positive impact of this boom extends far beyond gate receipts. Theme parks are revitalizing regional economies, boosting employment, and strengthening urban competitiveness on the global tourism stage. According to Legoland Resorts in China, the upcoming Legoland Shanghai Resort will introduce multiple world-first attractions tailored to Chinese families, further enhancing the cluster effect on local businesses, hospitality services, and cultural industries.

As of October 2024, there were 385 theme parks operating on the Chinese mainland, including 87 classified as large or super-sized—each spanning at least 40 hectares or built with investments exceeding 1.5 billion yuan. With the market showing no signs of slowing, China’s theme park landscape appears poised for even greater leaps in the years ahead, turning recreation into a powerful driver of prosperity.