The Pellucid Perspective - May 2024 - 2

INDUSTRY MACROS
Early Returns
Emerging Concerns
By Stuart Lindsay
W
ith April in the books, we're getting our first looks at golf
market indicators with virtually all the US courses open
for business. We also get the National Sporting Goods
Association annual report on 2023 Recreational Activity in April.
Jim Koppenhaver does a much deeper dive on the NSGA Report;
but there are a couple teasers in here because they have a
bearing on early returns we are seeing.
We also cannot ignore what's going on in the general US
economy. The slow burning fuse of the cumulative impact of
longterm inflationary pressures is starting to show up in consumer
behavior. " Consumers fed up with food costs ditch big brands " ,
Wall Street Journal, May 6, 2024. Apparently, both fast food and
name brand grocery items are suffering. " Starbucks is losing occasional
customers, executives said, and it's active loyalty-rewards
users declined " .
Overall, the new NSGA numbers are positive supporting the
record setting rounds demand in 2023. The composition of that
support is important because it does indicate some changes are
on the way.
1. The number of " one-time " participants has traded in a
narrow range of 1.9M - 2.5M since 2002 and jumped
almost 50% to 3.6M just in 2023 from 2022.
2. Even though the welcome influx of younger golfers has
created much of the increase in demand; their lower
annual rounds played are dragging down the overall
frequency metrics.
3. Golf Participation is even more concentrated in higher
income brackets regardless of age.
One would think that the increasing number of relatively affluent
golfers would help insulate golf from some of the impact
The number of golfers
under 45 increased by
17.1% just in 2023.
2 The Pellucid PersPecTive
May 2024
PHOTO BY ANDREW ANDERSON ON UNS

The Pellucid Perspective - May 2024

Table of Contents for the Digital Edition of The Pellucid Perspective - May 2024

TOC
US & golf economy; flashing early warning signs?
AI golf business application challenge: Classify 14K golf courses 210 unique ways
“Shallow” activity skews to Private and higher end properties
April’s a yawner with GPH +1%, Year-to-Date still up at +4%
Mar Utilization declines 4 pts (rounds up, weather up more), Year-to-Date now neutral at -1 pt
PGA Championship host city Louisville KY, could use more, affordable “on-ramps” for golf
The Pellucid Perspective - May 2024 - TOC
The Pellucid Perspective - May 2024 - US & golf economy; flashing early warning signs?
The Pellucid Perspective - May 2024 - 3
The Pellucid Perspective - May 2024 - 4
The Pellucid Perspective - May 2024 - 5
The Pellucid Perspective - May 2024 - AI golf business application challenge: Classify 14K golf courses 210 unique ways
The Pellucid Perspective - May 2024 - 7
The Pellucid Perspective - May 2024 - 8
The Pellucid Perspective - May 2024 - 9
The Pellucid Perspective - May 2024 - “Shallow” activity skews to Private and higher end properties
The Pellucid Perspective - May 2024 - 11
The Pellucid Perspective - May 2024 - April’s a yawner with GPH +1%, Year-to-Date still up at +4%
The Pellucid Perspective - May 2024 - 13
The Pellucid Perspective - May 2024 - Mar Utilization declines 4 pts (rounds up, weather up more), Year-to-Date now neutral at -1 pt
The Pellucid Perspective - May 2024 - 15
The Pellucid Perspective - May 2024 - PGA Championship host city Louisville KY, could use more, affordable “on-ramps” for golf
The Pellucid Perspective - May 2024 - 17
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