Two key industry firms in the golf world have conducted a global golf survey which included Canada. This survey is to show insights into the world of golf. Canada was part of the analysis because golf is a major sport in Canada. Besides, Canada is home to several professional golfers who have won one or more championships. In addition, many Canadians play golf as a hobby or leisure game and also watch golf tournaments. One of the professional golf players Canada has produced is Canadian national Me Jean-François Goulet. Jean-François Goulet is a Quebec-born professional golf player who has been a world champion two times over. Golf is a beautiful and relaxing sport.
Who Is Responsible For Data Analysis?
Yano Research Institute Limited and Golf Datatech are the firms responsible for the ranking since 2015. These two firms are independently owned and are not controlled by the government. This year’s golf report shows that Canada is among the leading countries.
Furthermore, the 2023 report is a well-detailed analysis that summarises the global golf market. The two firms analyzed the data according to the economic importance, size, and location of each country’s golf community. Moreover, the golf community is not limited to golfers. It entails the apparel sectors, equipment, and brands. It is worth noting that golf products are worth billions of American dollars each. Then they have a huge influence on the golf community.
Why Did The Two Big Firms Collaborate?
These companies allied together to analyze global data from countries that participate in golf. They aim to identify the actual range and size of the golf market globally. Since 2015 till now, the two firms have never failed to provide a well-detailed report of their findings. Presently, the two firms have widened their data analysis criteria and have added categories like product type.
Consequently, their collaboration has helped golf businesses know what is happening out there. And these companies can use the data to modify their operations and techniques accordingly. Additionally, it lets each country involved in the data analysis know if their golf course and kit are up to world standards.
The major highlight is the explosive increase in golf kit and clothing sales two years ago. The increase in the demand for these products happened after COVID-19. The market value of golf apparel and equipment increased to five billion dollars in that year. Hence, many people were shocked and asked relevant golf bodies about this. Some people even asked these bodies about golf’s market value and if the golf community gave back to society. While some want to know how the growth happened at a time many are still trying to recover from COVID-19.
The Golf Market Value Since 2021
People were right to be amazed at the rapid improvement golf products have made. As the year 2021 drew to an end, golf made global annual sales that are worth billions of dollars. This is thanks to the higher demand for golf clothes and kits that year. And in 2022, consumer demands remained the same. Unfortunately, golf product manufacturers were unable to meet the demand of millions of consumers due to some reasons. This reduced the market value of the sport towards the end of the year 2022.
Can the Market do Better?
Financial experts say that the report shows that the golf market can do better than last year. Although this sports industry has enjoyed a steady incline for 2021 – 2023, it still lacks in some areas.
- There is a higher demand for golf products which is more than the production of the products. Therefore, it has affected the supply of golf products and created a scarcity of goods.
- The pandemic constraints affected the production and transportation of the products. Also, the capacity to transport these products from one place to another is limited.
- The local market suffers from frequent dollar rises, which influence the sales of golf products.
The Global Market Report
The global market is also affected by the above-mentioned problem areas. Otherwise, the sales of golf products would have increased worldwide. Nevertheless, the value of the global golf industry still rose a little bit.
For example, Korea (South) and America, which laid solid foundations for selling golf merchandise, sold many goods. Since the year 2019, these two countries have led in golf merchandise and kits sales.
Presently, America is leading with a golf market worth over 1 billion dollars with Japan being the second largest. While South Korea came close with a worth of over 548 million dollars. The U.K. came fourth, while Canada was fifth.
The consumers of the first two leading countries alone contribute more than 65 percent to the golf market. Thus, it is not surprising to see them lead other countries.
The Need For The Global Analysis
There is a need to know what the global golf market entails. The 2023 global report has yielded good results because of the important information it contains. This includes a list of countries with the best golf resources, their market value, and consumer demands.
Lastly, Me Jean-François concluded that global golf data analysis is an indispensable and reliable wealth of information. The report will be useful for those who want it in the golf community. In addition, entrepreneurs thinking of starting a golf business can refer to the report to make informed business decisions.