The Pellucid Perspective - November 2023 - 6
INDUSTRY
OUTLOOK
outlines this when he posits that the economy won't run out of
steam as consumers run out of pandemic savings and payouts;
" There's a $77-trillion-wide hole in the theory that consumers'
running out of pandemic savings will sink the economy. " What
he's referring to is the estimated $77T in wealth (this anticipates/recognizes
the upcoming generational transfer underway)
that significantly augments the money-in/money-out view of
the general consumer's financial health. The vast majority of
that money, due to generational succession, is going to pass
through the hands of...the current Seniors.
Our Pellucid veterans have now reached this point in the
article anticipating our trademark " On the other hand... " treatment
of topics. While I believe that we'll get an intermediateterm
lift from Seniors that will fuel continued gains in Rounds
and Revenue largely fueled by Seniors, we still have a post-Baby
Boomer problem to confront and navigate. This is Stuart
Lindsay's ongoing monitoring of the fact that Gen X and Y
generally missed the boat on taking up golf and developing an
appreciation for it that would blossom into more rounds and
revenue in their 35-55 lifestage. It appears that COVID gave
us an unexpected (but welcome) infusion of enthusiasm in the
Millennials but there's still that 2-generation " hole " that we're
going to have to fill with Recruiting programs, Customer Relationship
Management (CRM, that we haven't yet been able to
figure out, even with our existing golfers who like us) and Skill
development. The other, unlikely, option is that all those golfers
between 35-50 suddenly warm to our sport because they can't
play anything else given the team nature and bodies that don't
work the way they did in their 20s. I wouldn't bet on that one
but it's still a possibility.
In conclusion, at the risk of following an industry trade organization's
" line " of over a decade ago that " golf is recessionproof " ,
I'm going to go out on a little bit of a limb here and say
that our reliance on Seniors for rounds and golf revenue and
the fact that the golfing Senior population is relatively insulated
from the current potential economic " shocks " provides some
safety net for the recreational industry. This suggests that future
growth likely won't be linearly-correlated to interest rates,
the jobs report, the '24 election buildup (and inevitable disappointment
for ~50% of the US population) etc. and we have the
opportunity to benefit from demographics and lifestage alignments
as well as anything we continue to do in better CRM to
build relationships instead of " just show them a good time when
they show up and ask them to come back. " With any free time
or resources we have above-and-beyond that, we need to start
recruiting, inviting and converting the current 35-50 population
to golf. We're going to need them to fill the large shoes of the
Baby Boomers as they age out in the next 5-15 years.
n
Château Élan Golf Club
Braselton, Georgia
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Matt Kuchar
Team Troon
6 The Pellucid PersPecTive
November 2023
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The Pellucid Perspective - November 2023
Table of Contents for the Digital Edition of The Pellucid Perspective - November 2023
TOC
Seniors provide short-term economic buffer for golf
Golf ’s growing digital footprint; helpful or distraction for operators?
14 Activities, Transactions continue to lead with 7
Neutral October (a relief) pretty much cements (slightly) up year outcome
September Utilization holds steady, full year stays in “black”
San Francisco, at #3, only has to fear…itself
The Pellucid Perspective - November 2023 - TOC
The Pellucid Perspective - November 2023 - Seniors provide short-term economic buffer for golf
The Pellucid Perspective - November 2023 - 3
The Pellucid Perspective - November 2023 - 4
The Pellucid Perspective - November 2023 - 5
The Pellucid Perspective - November 2023 - 6
The Pellucid Perspective - November 2023 - Golf ’s growing digital footprint; helpful or distraction for operators?
The Pellucid Perspective - November 2023 - 8
The Pellucid Perspective - November 2023 - 9
The Pellucid Perspective - November 2023 - 14 Activities, Transactions continue to lead with 7
The Pellucid Perspective - November 2023 - 11
The Pellucid Perspective - November 2023 - Neutral October (a relief) pretty much cements (slightly) up year outcome
The Pellucid Perspective - November 2023 - 13
The Pellucid Perspective - November 2023 - September Utilization holds steady, full year stays in “black”
The Pellucid Perspective - November 2023 - 15
The Pellucid Perspective - November 2023 - San Francisco, at #3, only has to fear…itself
The Pellucid Perspective - November 2023 - 17
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