The game of golf remained in high demand in 2022, with the number of rounds played approximately 16% more than the number of rounds played in 2019.
Furthermore, according to Acushnet Holdings Corp, rounds of golf played will foreseeably remain resilient in 2023, driven by golfer demographics, dedicated golfers and economic conditions.
While rounds played in golf had been relatively flat for years, the game experienced an approximate 8% overall increase in rounds in both 2021 and 2020 as dedicated golfers took full advantage of favorable weather, hybrid work schedules and an increase in discretionary time due to circumstances related to the Covid-19 pandemic.
Golf is a recreational activity that requires time and money.
Above all, the golf industry has been driven by the 30+ age cohort, primarily gen-xers, baby boomers and, increasingly, millennials, who have the time and money to play the sport.
Given that a significant number of baby boomers have not yet retired, Acushnet Holdings anticipates growth in spending from this demographic, as it has been shown that gaming rounds increase significantly as members of this cohort reach retirement.
The company also believes that the percentage of women golfers will continue to grow, as the percentage of new golfers has been higher in recent years.
Golf
Beyond the gen-x generation and baby boomers, promising developments in golf include the generational shift with millennial generation golfers making their marks at both the professional and amateur levels and, by 2022, representing 25% of golfers overall in the U.S., and the increase in the number of juniors (ages 6-17) playing golf in recent years.
The game of golf is learned through observation and imitation, and golfers improve their own performance by trying to emulate more experienced golfers.
Golfers are influenced not only by how other golfers swing, but also by what they do.
This is the essence of golf’s pyramid of influence, which is deeply ingrained in the mindset of the dedicated golfer.
At the top of the pyramid is the most dedicated golfer, who is trying to make a living playing professionally.
