The World Golf Report 2023, a study from Golf Datatech and Yano Research Institute, found that the worldwide golf equipment and apparel market grew over the Pandemic to reach $20 billion, encompassing the $11.1 billion equipment and the $8.9 billion apparel sectors, respectively.
The 2023 report, the 5th edition since 2015, provides a global retail market summary based on geography, size and economic significance. Key Highlights showed that worldwide golf equipment and apparel sales were at all-time Highs in 2021 to more than $5 billion.
“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 $20 billion in annual sales, with $11.1 billion in golf equipment and $9.0 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.”
Even though the golf business was healthy over the past two years, the data shows it could have been better due to supply chain issues, manufacturing and shipping constraints and the strengthening US dollar which often 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.
US and Korea were the primary drivers of worldwide equipment and apparel sales growth since 2019, with Korean equipment sales up 93 percent to $549 million while US sales were ahead 43 percent to $1.6 billion. Additional findings in the report include:
- The Top 5 World Golf Markets: #1 United States; #2 Japan; #3 South Korea; #4 United Kingdom and #5 Canada;
- US and Japan combine to represent over 66 percent of the world’s golf equipment market; and
- Korean Golfers spend more per capita on golf equipment and apparel than any other country.
The 2023 study features eight years of sales history by product category, including specific estimates for golf balls, clubs, other golf equipment, and golf apparel.