Universal Studios Hollywood recently announced its new pricing strategy Wednesday that closely follows the law of supply and demand.
When economics is not being its usual confusing and dull self, it is occasionally intuitive. Like the Birkin bag and the reason why it is both so expensive and rare, when there is a high demand for something, the price naturally increases as well. When people do not want something as much, the price tends to follow suit and stay stationary.
So what does this mean, exactly? If you are willing to visit the park on off-peak days, you will be able to save money on your admission ticket. If you want to go when everyone else wants to go, you are going to have to pay a premium.
Under this new advance purchase plan, according to USA TODAY, park enthusiasts will pay $95 for an adult admission ticket purchased either at the gate or online for any time of the day.
However, there are options available for those who want to save a few dollars. An advanced online purchase option is available for $90, and it allows you to visit for a specific date during mid-June and to early September. This option saves buyers $5, which adds up — especially when you are the parent of multiple children.
Those who have extra time or schedules that run contradictory to others’ will have to pay only $75 if they put off their visit until after mid-September.
With the Wizarding World of Harry Potter coming to Universal Studios Hollywood in April, the park forecasted one of the largest numbers of attendees it has ever seen. This new plan, called EZ Rez, hopes to mitigate the overwhelming crowds expected to swarm the park.
Also, with EZ Rez, guests who purchase date-specific tickets in advance are given early admission to the Wizarding World of Harry Potter to further incentivize ticket purchases for off-peak times.
Airline companies and websites, along with hotels, have been basing their pricing on demand, and it seems as though amusement parks are beginning to adopt this concept to control large crowds. Universal Studios Hollywood is the first to take this leap. However, it does not seem like it will be alone for long. According to USA TODAY, rumors seem to be traveling through the blogosphere that Disneyland may be considering similar pricing strategies based on expected demand.
It seems as though happiness can be bought, and it has multiple price tags, depending on when you want to cash in. With the Los Angeles-area theme park expecting enormous crowds for the newly constructed Wizarding World of Harry Potter set to open in April, it hopes to combat some of the effects of such crowds through demand-based pricing. This strategy will discourage those with a low willingness to pay to attend during peak hours, cutting down on the crowds.