World Golf Report Confirms Prominence of Japan and Korea
The golf markets in Japan and South Korea feature prominently in the World Golf Report 2021, the industry’s only global golf retail study.
According to the report, produced by Golf Datatech, LLC, and Yano Research Institute Ltd, two of the golf industry’s leading independent research and data firms,
Japan and Korea rank second and third in the listing of the ‘top five World Golf Markets’.
Furthermore, Korean golfers spend more per capita on their golf equipment and apparel than any other country, while the US and Japan are responsible for about two-thirds of the world golf equipment market.
The 2021 report, which marks the fifth overall edition, provides an in-depth global retail market summary based upon geography, size and economic significance of the nearly US$14 billion golf equipment and apparel market.
In 2013, Golf Datatech and Yano Research collaborated to introduce the golf industry’s first worldwide market report, a benchmark study designed to capture the true size and scope of the global golf retail market.
Now in 2021, and on the heels of golf’s shutdown in 2020 due to the Covid-19 pandemic, the two companies have updated and expanded the report, featuring a broader scope of data points while capturing more complete golf retail sales from around the globe.
“While the objective of the Worldwide Report has always been to look at long-term trends in the sales of golf equipment and apparel, the impact of the coronavirus in 2020 obviously becomes a key focus of this year’s analysis,” said John Krzynowek, Partner, Golf Datatech, LLC.
“And despite the worldwide pandemic, golf participation and sales are higher, with 2020 global sales of equipment and apparel up 3%, at US$13.93 billion. Consumer demand for golf equipment was higher in the majority of countries around the globe. However, our data also shows a broad decline in apparel sales this year.”
Specific to the global pandemic, severe government restrictions on socialising, travel, and life in general, caused some of the major golf markets to decline by 15%-50% on a YTD basis through May, with sales in some countries falling by more than 80% in a single month.
“It was a long, hard, painful first half of 2020, but the game, and the business of golf, quickly gained momentum during the late spring/early summer months,” said Krzynowek.
“Golf courses were soon full and rounds played soared, including an influx of newcomers to the game, while many others who used to play decided to come back again.
“As a result, sales of golf equipment exploded, and even those countries that were severely impacted by the early 2020 shutdown enjoyed record months during the summer and continue to trend positively.”
Top-level findings of the 2021 World Golf Report include the following:
Top five World Golf Markets: #1, United States; #2, Japan; #3, South Korea; #4, Canada; #5, United Kingdom.
US and Japan responsible for about two-thirds of the world golf equipment market.
Korean golfers spend more per capita on their golf equipment and apparel than any other country.
Sweden was the fastest growing country, up over 50%.
Tom Stine, Partner, Golf Datatech, LLC, said: “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 details the impact of the global pandemic, while providing trends and insights to help companies better react to changes across golf marketplaces and adjust their business strategies.
“As with our previous editions, the 2021 World Golf Report continues to analyse all countries that have a significant golf footprint, providing a wealth of data, highlighted by key insights into the golf markets, unit sales estimates by country and product line, as well as countries with the most significant business growth and declines throughout the year.”
Takashi Mizukoshi, President of Yano Research Institute Ltd, said: “We are very pleased to unveil the fifth edition of the World Golf Report.
“This report, especially as golf has endured tremendous challenges with the global pandemic, is an essential business resource, providing our customers with expert insights designed to help them better run their businesses.”
NEWS FEATURE C/O GOLF ASIAN