[Yanolja Research Insights] Vol.29 The Future of the Golf Industry: Demographics and Macroeconomic Trends
The Future of Golf Is Changing Faster Than Expected South Korea’s golf industry is entering a new phase. After years of rapid expansion during the pandemic, recent trends suggest the market is now facing deeper structural changes shaped by demographics, consumer behavior, and economic conditions. Recent industry data points to a clear shift: golf demand is softening while supply continues to grow. This changing environment is prompting a broader discussion about how the industry can adapt for long-term sustainability. Golf Demand Continues to Slow Golf course usage declined for the second consecutive year in 2024, while the total number of golf courses continued to increase. The imbalance between supply and demand is becoming more visible across the market. Key trends include: Nationwide golf course visitors fell to approximately 47.4 million in 2024 Golf-related spending has declined continuously since early 2023 Several major regions recorded noticeable decreases in demand Pr...