Golf Industry Continues to Flourish Amid Pandemic

Golf’s popularity picked up during the pandemic, and nearly two years later, the sport is still swinging for the stars.

In 2020, golf had its biggest net increase since 1997 at 60 million-plus rounds, with 3 million people taking the course for the first time. Roughly 500 million rounds were played last year.

This year, the National Golf Foundation found that the total number of rounds played in the U.S. will surpass the number of rounds played in 2020 by 4% to 5%.

Investing In The Sport

From professional golfers to local golf courses, businesses everywhere want a piece of the success.

• The PGA Tour’s purse jumped nearly 14% for each event, totaling $427 million, thanks to new sponsors and broadcasting deals. The LPGA‘s purse jumped 12% to almost $86 million.
• Lamborghini, known for its sports and luxury vehicles, announced the development of golf carts in October.
• In November, SoftBank’s Fortress Investment Group purchased Accordia Golf for $3.5 billion.

Companies already established in the golf industry are benefiting, too.

The PGA Tour Superstore, the industry’s largest retailer, told Forbes that its business has been up roughly 70% over the last two years. Last month, Callaway Golf reported that its third-quarter revenue increased 80% year-over-year to $856 million.