Stock Market Winners & Losers: Stocks Tread Water as Earnings Season Underwhelms | Powder and Profits: The Economics of Ski Resorts
Stocks experienced a pause in their record-setting rally as attention shifted towards insights into the health of corporate America and the economy. The recent bounce in stocks is attributed to investor optimism about the Federal Reserve achieving a "soft landing" for the US economy. Meanwhile, Bitcoin dipped below $39,000, marking a decline of over 20% from ETF highs. 3M and General Electric have lowered their expectations for 2024. In other news, a viral video depicts a 10-year-old's reaction to a $900 makeup haul at Sephora, and stories highlight comebacks for Crocs and Claire’s after cultural lows in the late 2010s. Additionally, there is high demand for a $35,000 Virtual Reality Headset, with over 160,000 Apple Vision Pro headsets selling out quickly during presale.
The snow business is experiencing record prices, skiers, and revenues. Vail has set a new high with a single-day lift ticket priced at $299, a $100 increase in just six years. Other resorts like Steamboat Springs, Beaver Creek, Park City Mountain, Heavenly, Northstar, and Palisades also have high ticket prices ranging from $250 to $299. American ski resorts saw a record 65.4 million skier-snowboarder visits last year. The popularity surge is attributed to season passes popularized by Vail Resorts and Alterra Mountain Company, with passes now costing $909 and rising. Vail Resorts, for example, sold 2.4 million passes in 2023, generating approximately $900 million in sales. The industry has seen transformative growth in season pass adoption, contributing to increased visitation and revenue.
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