I think folks are really underestimating two things:
(1) Sure, Gen Z young adults may not care much about Disney NOW, and maybe would rather globetrot etc. But when they have kids, and those kids grow a few years and start watching TV, they are going to see a Disney World commercial and beg mom and dad. And even though Mom and Dad think it will be cheesy and lame, they will go to Disney World, and there they will see the magic in their children's eyes, and their wallets will gush forth with cash. As long as people keep having kids, Disney knows the "favorable guests" who come for expensive splurge trips will keep on coming.
(2) International visitors--now that getting to the USA is easier than in Covid times, Disney may be banking on the fact that even if its domestic audience tapers off a bit, that'll be offset by travelers from outside the US, often with a lot of money to spare.
I am definitely "unfavorable/legacy" these days. I have DVC, I know all the price-saving hacks, I budget out my trips, I don't get suckered in to paying for dessert parties. But I am well aware Disney would do just fine and dandy without me.
Plus, I did a totally non-Disney vacation this summer with my kids. And guess what? I paid MORE than a typical Disney trip (prices are intense everywhere now), and I had a worse time in so many ways that had me saying "this wouldn't happen at Disney." From getting the wrong room category without enough beds because they double-booked, to restaurants where they refused to make very simple modifications for my autistic kid (e.g., no sprinkling basil on top of the cheese pizza) , to loooooooong lines and massive crowds at tourist sites (so much so we joked we were at basically Disney World, but without any rides and no way to skip the lines with
DAS or FP/Genie). I could list dozens of things but it boiled down to this: it made me really appreciate that for all my frustration with missing the "good old days" at Disney (DME, fastpass, dining plan), the current watered down Disney World experience is still a pretty awesome vacation for our family. I went from wanting to take a break from Disney for a couple years to planning to go back in a couple months.
It is such a shame because Disney used to be my place where everything was perfect. Now definitely not perfect, but good enough to keep my coming back. And I think D'Amaro knows it.