[Yanolja Research Insights] Vol.5 COVID-19, the Surge in the Golf Industry, and the Post-Endemic Outlook
COVID-19 and the Golf Industry: A Post-Pandemic Outlook
The COVID-19 pandemic has profoundly impacted leisure industries worldwide. While some industries struggled, others, like golf, experienced unexpected growth. In this summary, we'll explore why the golf industry thrived during the pandemic and the challenges it faces in the post-endemic phase.
Surge in Domestic Golf Demand
During the pandemic, restrictions on travel and social distancing led to a surge in demand for outdoor activities like golf. In 2022, Korea saw 50.58 million golf course users, with an increasing number of non-member courses replacing membership-based ones. This shift reflects golf’s growing appeal to a broader audience, including younger generations and women.
Changing Demographics: Women and Youth Driving Growth
The golf market, once dominated by older males, saw a significant increase in participation from women and younger generations. In particular, millennials and Gen Z, known for their strong consumer behavior, embraced golf as a hobby. In 2021, the term ‘gollin-i’ (beginner golfers) emerged, reflecting the rise in new golfers, especially among younger and female groups.
Golf as a Replacement for Overseas Travel
The pandemic's impact on international travel led to a shift in consumption patterns, with golf becoming a popular alternative to overseas vacations. With fewer people traveling abroad, golf emerged as an attractive outdoor activity in Korea and other countries.
Post-Pandemic Outlook: Declining Domestic Demand
As travel restrictions lifted, international travel demand surged, and golf demand began to decline domestically. By mid-2023, golf consumption in Korea showed a downward trend, especially during winter months, when people preferred overseas destinations with milder climates.
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