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Share Golf legend Tiger Woods won an estimated 32 golf tournaments between andan unbelievable feat that also included seven major tournament wins. UA to highs not seen in decades in the golf industry. But since then, the industry has struggled to grow.
Fortunately, hope has not been lost and the sport is in the process of reinventing itself. Back in30 million Americans considered themselves active golfers.
Since then, that figure has dropped to 25 million—about the same number as the early s. Near-term trends look to have dipped again, but in in the long term, golf may enjoy a resurgence as it tailors the sport to a new generation of players. Challenges in the Near Term In the age of the Internettraditional forms of entertainment are facing a steady stream of challenges.
If we consider golf a leisure activity, then it must compete with all other leisure activities. Media has shifted online, offering people hundreds of movies to watch on demand at home instead of in the movie theater.
Books and music are also more easily available through online sources. And social media occupies leisure time. These days, the workday often extends well past 5 p.
With time at such a premium, a key problem with golf, especially for millennialsis that it takes a long time to play. A traditional hole round can take four hours or more. According to a recent industry survey, participation rates where a golfer has played golf at least once in a year has decreased for five years straight.
The sport is also expensive. The golfing industry has also shown weakness in some equipment sales. Like many fashion goods, missing a fashion cycle can hit both the top line and profits.
Callaway Golf Co ELY has reported negative average annual sales growth for the past five and 10 year periods. Trends over the last three years are only modestly positive and the firm has reported positive earnings in only one of the past seven years.
Hope over the Longer Haul First and foremost, the industry appears to be open to more flexible course scheduling which could make a round of golf quicker possibly attract more players. According to a January Golf Digest articlesome courses are offering 6-hole, 9-hole, and hole options.
This would free up golfers to get a morning, lunch, or afternoon session as opposed to more than a half day away from work during the week or family on the weekend.
Playing fewer holes would also be less costly, as long as a course adheres to per-hole pricing. Product development is also important.
Current golfers marvel at how far technology has come. Clubs are more forgiving and golf balls also offer the opportunity to hit drives that are farther and straighter than in years past.
Wired devices could also end up revolutionizing the industry. Just think how popular a tracking device would be that greatly reduces the chances of losing a golf ball water hazards excluded. Pin distance can already quickly and easily be estimated with a smart phone or similar mobile device.
There are even apps that help golfers measure swing speed and form, and golf pros can utilize similar technology when providing golf lessons. Golf clubs that emphasize families are also becoming more common.
Women golfers are an important growth driver, and getting children involved at an earlier age also helps the sport over the long term. The Bottom Line Golfers will have to start growing in number before the industry can even consider returning to its highs.
But current trends indicate the sport is adapting to a new generation of time-strapped individuals that value family and flexibility just as much as time on the golf course.
At the time of writing, Ryan C. Fuhrmann did not own shares of any company mentioned in this article.The industry Outlook and Forecasts show how the Golf Courses & Country Clubs industry is heading over the next five years ().
Market forecasts account for historical growth, cyclical changes, and general economic outlook.
Read more The Japanese Chamber of Commerce and Industry of Chicago founded promotes between the Japanese and American business community and public. DCAT Week is the premier business development event for companies engaged in pharmaceutical development and manufacturing and related industries.
The Future Outlook of the Golf Industry. By Ryan to highs not seen in decades in the golf industry. But since then, the industry has struggled to grow.
Fortunately, hope has not been lost and. "Japan Golf Industry Outlook to - Driven by Rising Demand for Women Golf Apparels" provides a comprehensive analysis of the market dynamics of the golf industry in Japan.
The report has highlighted major segments of the golf industry on the basis of golf events, golf tourism, golf equipment and apparels market, golf courses and driving ranges market.
The CBRE Europe Real Estate Market Outlook provides insight on the key trends our experts think will affect the European property industry over the next 12 months.