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2023 YEAR REPORT – GOLF INDUSTRY STILL BOOMING
2024-01-19
2023 YEAR REPORT – GOLF INDUSTRY STILL BOOMING
(DEC, 25, 2023) — Golf enjoyed a stunning surge in popularity in the second half of 2023, as new players joined golf regulars to fill tee sheets across the country. Participation soared. Equipment sales spiked. The big question heading into 2023 was, could golf continue the momentum?
Data is coming in, and the answer is clear: Yes!
According to the latest reports from the National Golf Foundation (NGF) total rounds played nationwide is tracking ahead of last year’s numbers – even those numbers in the second half of last year, when golfers were largely out of quarantine and able to participate in socially distanced outdoor activities. In June rounds were up .4% over 2022 and 24% year to date. In June of last year, many courses had reopened during the pandemic, creating a “euphoric” surge in participation as the sport was widely viewed as safe to play if precautions were followed.
Last year’s spike in participation kicked into high gear in July, and when that data is available for this year, the year-to-year comparison will become even more interesting.
The numbers in the equipment space are also encouraging, and that includes June data. Through June, the NGF reports that golf club and ball sales are up 77% YOY and up 35% from the same period in 2023. The number of shipments has returned to normal, seasonal levels, but with higher volume.
With so much forward momentum heading into the heart of summer, it looks like golf could be on track for yet another record-breaking year.
Golf Industry Market Size Statistics
The golf industry has grown significantly since 2018. From the number of rounds played to the equipment sales, this sport could only grow massively if marketing and promotions were done right.
In a recent report by Technavio, the industry market size for golf is expected to increase by $715.32 million come 2027.
The statistics below show how booming this sports industry is.
1. Rounds played have increased by 8% as of April 2023.
(NGFQ)
This increase in golf rounds was due to favorable spring, summer, and fall weather, especially in the Northeast and Midwest US. From 5% of April 2022, 2023’s figures saw an increase of 3%.
If the good weather continues in April, a predicted 40% increase in monthly gains is expected, particularly in the East North Central.
2. The US golf course and club market is $27 billion as of 2023.
(Statista)
The market size for the golf industry has seen a slight increase from the previous years. Despite the average 0.9% decline annually since 2018, by 2024, the market size is predicted to increase.
The increase in rounds played by golfers and emerging golf equipment stores in Europe and the US played a key role in this steady growth of the golf industry.
3. North America is the largest region on golf equipment as of 2022.
(The Business Research Company)
Top-grossing equipment golf stores, TaylorMade Golf and Callaway Golf Company, have made North America a major contributor to the golf equipment growth in 2022.
On the other hand, experts forecast Asia to be the fastest-growing equipment market by 2022–2024.
A South Korean private equity firm, Centroid Investment Partners, acquired TaylorMade Golf for $1.7 billion and is expected to have more regional stores.
4. Among golf course management companies worldwide in 2021, three out of the top five spots were occupied by American companies.
5. Over 40 million Americans played on-and off-course golf in 2022.
(NGFQ)
Over 25 million Americans played on-course golf.
On the other hand, nearly 16 million people participated in off-course golf activities such as driving ranges, indoor golf simulators, and golf entertainment venues like Topgolf and Drive Shack.
6. England tops the country with the most registered golfers at over 900,000 as of 2021.
(World Population Review)
It’s no surprise that England came out on top with the most registered golfers, as the United Kingdom is arguably where golf originated.
7. Over 16 million viewers tuned in to golf in 2023.
(NBC Sports, Diario AS)
Despite its calming environment due to the absence of screaming fans, golf TV coverage can rack up millions of viewers.
8. In 2022, over 6 million women participated in on-course golf courses in the US.
(NGF, American Golf)
Women, both adults and juniors, make up 25% of the total population who play on-course golf. This growth has been steady since 2007 when the world was under a financial crisis.
The cost of entry to golf courses, golf clothing lines, and equipment stores catering to male customers are contributing factors preventing women from pursuing golf.
Now that some golf clubs are lowering or waiving joining fees and memberships for women, golf clubs foresee more women taking up golf in the coming years.
General Golf Industry Trends in 2023
The COVID-19 pandemic greatly impacted the sports industry and events in every sport.
In the golf industry, changes needed to be applied, like accommodating nighttime play and implementing the one-rider-per-cart rule.
As the world has returned to its normal operations, trends in the golf industry have also changed. These new trends allowed more growth and new opportunities in the industry.
Below are interesting facts and stats about how interesting the golf industry will be in 2023.
9. Men aged 19 to 39 are expected to have a higher demand for golf services in 2023.
(Linchpin SEO)
More than one in five golfing facilities anticipated more men over 40 would be interested in golf in 2023. 43% of the golf course managers who responded to the survey revealed this forecast.
To accommodate the expected increase in demand from the mentioned age groups, golf facilities are looking into the following:
Adding more training and education classes,9-hole courses, and Practice areas to help new players.
10. 2023 sees golfers wanting more tech-forward enhancements in every part of the game.
(KemperSports, Linchpin SEO)
Golfers in 2023 are looking for more tech equipment to improve their game and overall experience on the greens.
75% were interested in a golf cart GPS, while 50% were interested in driving range ball tracking and simulator tech. Thus, more sophisticated rangefinders, launch monito