ASIAN GOLF INDUSTRY FEDERATION

Golf Equipment and Apparel Market Booming

Orlando, Florida, United States: Golf Datatech, LLC, and Yano Research Institute Ltd, two of the golf industry’s leading independent research and data firms, have introduced the ‘World Golf Report 2023’, the industry’s only global golf retail study.

The 2023 edition of the report, the fifth edition since 2015, provides an in-depth global retail market summary based upon geography, size and economic significance of the now US$20 billion worldwide golf equipment and apparel market, which encompass the US$11.1 billion equipment and the US$8.9 billion apparel sectors, respectively.

Among the key highlights of the study, worldwide golf equipment and apparel sales exploded to all-time highs in 2021 following the pandemic, surging more than US$5 billon.

“The main question we get from throughout the industry is how much did the golf business grow after the pandemic and what did we give back in 2022?” said John Krzynowek, Partner, Golf Datatech.

“In 2021, we reached all-time high sales levels around the world, eclipsing US$20 billion in annual sales, with US$11.1 billion in golf equipment and US$9 billion in golf apparel.

“Strong consumer demand for golf products continued into 2022, however several factors constrained the manufacturers’ ability to meet orders during the first three quarters, and then economic woes dragged down the market in Q4,” added Krzynowek.

Even though the golf business was very healthy over the past two years, the data shows it could have been even better except for:

   • Supply chain issues hampered the ability to make enough products to meet demand.
   • Manufacturing and shipping were constrained by Covid restrictions and capacity.
   • The strengthening US dollar frequently negated positive sales trends within local markets.

“Despite near record levels, worldwide equipment and apparel sales could have been substantially higher if not for these market disruptions,” said Krzynowek.

The US and Korea were the primary drivers of much of the world’s equipment and apparel sales growth since 2019, with Korean equipment sales +93% (+US$549 million) while US sales were +43% (+US$1.6 billion).

Some additional findings of the 2023 World Golf Report include:

   • The Top 5 World Golf Markets: #1 United States; #2 Japan; #3 South Korea; #4 United Kingdom and #5 Canada.
   • The US and Japan combine to represent over 66% of the world golf equipment market.
   • Korean golfers spend more per capita on their golf equipment and apparel than any other country.

In 2015, Golf Datatech and Yano Research collaborated to introduce the golf industry’s first-ever worldwide market report, a benchmark study designed to capture the true size and scope of the global golf retail market.

Now in 2023, the new updated study features eight years of sales history by product category, including specific estimates for golf balls, clubs, other golf equipment, and golf apparel.

“The alliance between Golf Datatech and Yano Research Institute continues to yield new data that speaks not only to the state of the worldwide equipment and apparel markets, but also provides trends and insights that can help companies better react to changes across worldwide marketplaces and adjust their business strategies,” said Krzynowek.

“The 2023 World Golf Report analyses all countries that have a significant golf footprint, providing a wealth of key information, including insights into the Top 10 golf markets and a deep dive into the US, UK and Japan markets,” he added.

Shigeki Mitsuishi, Senior Executive Researcher, Yano Research Institute, said: “The World Golf Report remains an indispensable resource for anyone interested in the golf business around the world.

“Having accurate estimates of the various worlds’ golf economies is critical to managing and developing business plans across the globe. We believe the World Golf Report provides our customers with great insights which they can use to better run their businesses, regardless of where they are or what products they sell.”

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