Exactly. When the Canadian dollar is stronger than the U.S. dollar, you know we're in trouble! Anyway, MOST people plan their vacations months in advance...most of the people on these boards seem to be booking their vacation six months to a year in advance. So the economic effects on Disney for this year will be minimal. Even Six Flags had a better quarter than its last. Some people seem to be delusional about the economy. When companies are charging more, they are going to be making more...it isn't a measure of the financial situation of the consumers. The real determination will be Christmas, when sales will be scrutinized even more closely.
By that logic, every company should just charge an exorbitant amount for its products--since that way they will make more! There is no way Disney's (or any company, for that matter) profit is independent of the financial situation of its consumers. If consumers aren't doing well financially, they won't pay the increased prices Disney is charging. They can't just "charge more to make more". Each time costs are increased, Disney effectively prices itself above what X people are willing to pay (which is fine, because it's still beneficial to lose X customers so long as the overall increase in price is higher than the overall value of the lost sales).
Disney has yet to reach an equilibrium price in the law of diminishing returns, as they keep increasing prices, but attendance also continues increasing.
As for the argument that this quarter was not a good barometer of how Disney will be impacted by the economy since people plan vacations far in advance, I disagree. While people do plan vacations months in advance, the penalties for canceling a Disney trip are marginal (air fare only if staying on site). If people thought they were hurting so badly, they would cancel their trips, even if that meant a penalty.
I think the reality of it all
is that Disney is largely immune to a negative economy (9-11 numbers are tough to compare since those lows largely had to do with a fearful public). Americans are often illogically unwilling to give up their vacations, even when those vacations are not financially feasible. Those Americans who are financially insulted from the economy won't quit vacationing, but those who are affected by the economy and are logical will cancel trips. Conversely, foreign travelers might be increasingly lured to America with a favorable monetary conversion. I doubt the group of 'affected logical' individuals is that great in number, so overall, I'd imagine it's a wash.
Quite simply, I think Disney has opportune excuses to make cutbacks right now, and is going to avail itself of those excuses.
