Vail Resorts just reported a challenging season—skier visits dropped 20% while lift revenue fell only 1.8%. That's a telling gap. The real story? Individual spending per visit actually held up better than participation numbers, but that masks the underlying weakness. One analyst noted their season pass saw minimal use over the winter. Here's what matters: the hit to lift revenue from season pass renewals likely won't show up until next cycle. Consumer discretionary spending on premium experiences is tightening faster than headline revenue figures suggest. For market watchers, this kind of divergence between participation and per-unit revenue often signals shifting spending patterns across multiple consumer sectors.