Global golf equipment and apparel sales were at all-time highs during the pandemic, reaching $20 billion in annual sales in 2021, with $11.1 billion in golf equipment and $9.0 billion in golf apparel. Strong consumer demand for golf products continued in 2022.
These are some key highlights from the “World Golf Report 2023,” a study from Golf Datatech and Yano Research Institute. This benchmark study, first published in 2015, has reached its fifth edition this year.
South Korea and the U.S. have been the main drivers of much of the world’s golf equipment and apparel sales growth since 2019. South Korean equipment sales increased by 93 percent, while U.S. sales grew by 43 percent. Interestingly, Korean golfers spend more per capita on their golf equipment and apparel than any other country in the world.
The top 5 global golf markets were the U.S. at the number one spot, followed by Japan, South Korea, the U.K. and Canada. The U.S. and Japan together account for more than 66 percent of the global golf equipment market.
While showing positive data, however, the analysts also pointed out that results could have been even better if not for a series of market disruptions. Supply chain issues got in the way of making enough products to meet demand. In addition, manufacturing and shipping were constrained by Covid-related restrictions and capacity. Finally, the analysts said the strengthening of the U.S. dollar often denied positive sales trends within local markets.
