A new report has found that the worldwide golf equipment and apparel market was worth just over $20 billion in 2021 for the first time ever, and then fell just below it last year.
The World Golf Report 2023, a study from Golf Datatech and Yano Research Institute, finds that the equipment sector was worth nearly $11.5 billion and the apparel sector just below $9 billion in 2021.
This fell to just under $11.1 billion and $8.9 billion in 2022, although the fall was partly due to supply chain issues, manufacturing and shipping constraints.
The last two years are well above the next highest year, 2020, in which the two sectors combined were worth about $15.3 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 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.
“Despite near record levels, worldwide equipment and apparel sales could have been substantially higher if not for these market disruptions,” he said.
The UK market was the fourth largest in the world, behind South Korea, Japan and the USA.
While the USA and Japan combine to represent over 66 percent of the world’s golf equipment market, Korean golfers spend more per capita on golf equipment and apparel than any other country.