The document provides an overview of the global golf industry performance worldwide. It discusses the structure of the golf industry and key segments. The US golf industry is one of the largest in the world but has seen slower growth in recent years due to economic factors. The European golf industry has benefited from rising golf participation, particularly in the UK and Ireland, however revenues from golf facilities and equipment have been unstable in recent years. Golf demand is also emerging in countries like China and India.

2. TABLE OF CONTENTS
1. Golf Industry Performance Worldwide
1.1. An Overview
1.2. Global Golf Equipment Demand
1.3. Global Golf Economy
2. The US Golf Industry
2.1. Industry Performance
2.1.1. Industry Segmentation
2.1.2. Golf Course Revenues
2.1.3. Golf Supplies/Equipment Market
2.2. The US Golf Equipment Industry Forecast
2.2.1. Cause and Effect Relationship
2.3. US Golf Economy
Number of Golfers
Rounds Played
Average Rounds Played
2.3.1. Golf Facilities in the US
2.3.2. Golf Course Closures
2.4. Golf Industry Trends and Developments in the US
2.5. The US Macro Economy Factors and Impact over Golf Industry
2.5.1. Population Growth and Golf Participants
2.5.2. The US Economy, Contribution of Golf Industry
2.5.3. Personal Disposable Income (Historical and Present Performance)
2.5.4. Inflation
2.6. The US Golf Industry Driving Forces
3. The European Golf Industry
3.1. Industry Performance
3.1.1. Golf Facility Operations Market

3. 3.1.2. Golf Equipment Revenues
3.1.3. European Golf Industry Future Outlook
3.1.4. Cause and Effect Relationship
3.2. European Golf Economy
Number of Golfers by Demography
3.2.1. Golf Facilities
3.3. Golf Industry Trends and Developments
3.4. Golf Course Developments by Geography
3.4.1. Golf in Central & Eastern Europe
3.4.2. United Kingdom
3.4.3. Golf in Nordic countries
3.5. European Macro Economy Factors and Impact over Golf Industry
3.5.1. Europe Population
3.5.2. Gross Domestic Product
3.5.3. Inflation
3.6. Growth Drivers
4. Opportunities in Asian Markets
4.1. Developing Golf Facilities in China
4.2. Expanding Golf Equipment Market in India
4.3. Golf Merchandise Exposition
Golf Tourism in India
5. Industry Competition and Players Profile
5.1. Types of Players
5.2. Company Profiles
5.2.1. GolfSmith
5.2.2. Dick’s
5.2.3. Sports Authority
6. Appendix
6.1. Abbreviations

4. 6.2. Definitions
6.3. Research Methodology
Data Collection Methods
Approach
6.4. Disclaimer

5. LIST OF FIGURES
Figure 1: Golf Economy Structure
Figure 2: The US Golf Industry Segments 2011
Figure 3: The US Golf Course Revenues (2006-2011)
Figure 4: Golf Equipment Revenues in the US (2006-2011)
Figure 5: The US Golf Clubs Market by Value (2006-2011)
Figure 6: Golf Balls Retail Sales in the US (2006-2011)
Figure 7: The US Golf Equipment Market Forecast (2011-2016)
Figure 8: The US Golf Clubs Market Forecast (2011-2016)
Figure 9: Total Number of Rounds Played in the US (2006-2010)
Figure 10: Total Number of Golf Facilities in the US (2000, 2005 and 2010)
Figure 11: US Golf Course Closures (2006, 2007 & 2010)
Figure 12: Total Population in the US (2000-2010)
Figure 13: The US GDP at Current Prices (2000-2010)
Figure 14: Personal Disposable Income in the US (2000-2010)
Figure 15: The US inflation, Average Consumer Prices in % (2007-2015F)
Figure 16: The US Golf Participants by Age in 2010
Figure 17: Golf Participation by Working Group, 2011
Figure 18: Incremental Rounds Played by Aging Population in the US (2006-2015)
Figure 19: Golf Course Demand by Countries in Europe in 2011
Figure 20: Golf Course Supply by Countries in Europe in 2011
Figure 21: Golf Facility operations Revenues in Europe (2006-2011)
Figure 22: European Golf Equipments Market by Value (2006-2011)
Figure 23: European Golf Facility operations Direct Revenue Forecast (2011-2016)
Figure 24: European Golf Equipments Market Forecast by Value (20011-2016)
Figure 25: Percentage of Female Golfers in 2010
Figure 26: The UK Consumer Expenditure on Golf Equipment (2006-2010)
Figure 27: Europe GDP at Current Prices (2006-2010)

6. Figure 28: Dick’s Total Revenues (2006-2011)
LIST OF TABLES
Table 1: The US Export of Golf Balls to Countries Worldwide in 2009 by Value
Table 2: Relation between Independent factors and the US Golf Industry
Table 3: Total Number of Golfers in the US (Age 6+) (2006-2011)
Table 4: Change in Number of Rounds Played by States in 2010
Table 5: Missouri Golf Equipment and Supplies Retail Sales (2009-2011)
Table 6: Top Golf Courses in the US (2010)
Table 7: Opportunities & Threats in European Golf Industry
Table 8: EU Imports of Golf Equipments by Value & Volume (2006, 2008 & 2010)
Table 9: Relation between Independent Factors and the European Golf Industry
Table 10: Demographic Distribution of Number of Golfers in European countries in 2010
Table 11: EU Golf courses and Number of Registered Players by Demography in 2010
Table 12: Total Number of Golf Courses and Players by Demography in England (2006-
2011)
Table 13: Total Number of Golf Courses and Players by Demography in Ireland (2006-2011)
Table 14: EU 27 Population aged between 65 years old or over, Present and Projections
Table 15: EU 27 Young Age Dependency Ratio, Present and Projections
Table 16: Population aged between 65 years old or over, Present and Projections
Table 17: GDP per Inhabitant in PPS, EU 27=100 (2010)
Table 18: Golfsmith Net Revenues and Gross Profit (Jan 2010 & Jan 2011)

7. GOLF INDUSTRY PERFORMANCE WORLDWIDE
In Golf, participants are divided into four major categories: core golfers, occasional golfers,
juniors and range users. In recent years, Golf has gained popularity in many parts of the
world such as Japan, Thailand, China, UK& Ireland, Germany and South Africa; while the
US is leading in terms of number of players and golf economy.
The structure of golf industry is fragmented with large number of male participants than
female while this trend is slowly changing and increasing number of women are entering into
the golf business, hired in different areas. With rising interest for golf in all age groups and
increasing female participation, market for golf products and facilities are taking an
organized structure.
GLOBAL GOLF EQUIPMENT DEMAND
North America account for the largest market for golf equipment and accessories but in
recent years a fall in demand has been observed which
The overall market for golf affected global golf equipment market, reflecting a flat
equipment worldwide reached
output. The overall market for golf equipment worldwide
USD 13.70 billion in 2011, grew
only 0.50% from 2010
reached USD ~ billion in 2011, grew only 0.50% from
2010. The economy of the US and Europe are still
struggling to achieve stability. However changing weather conditions have caused low
demand for golf equipments and accessories.
Looking at general macro economy conditions, India and China are emerging markets for
golf. However these emerging economies hold a negligible share in golf equipment market
and may not be able to pay off losses incurred.

8. GLOBAL GOLF ECONOMY
In general terms, golf economy has been divided into
Worldwide, the leading countries two parts: Direct and Indirect segments. Direct
in terms of revenue generation
segment is a combination of golf equipments, clubs
and participants are, The US,
Europe (UK & Ireland) and Japan fees, courses and tournaments. While indirect
segment include golf tourism and real estate related
to golf.
There are almost ~ golf courses worldwide, generating total industry revenues of USD ~
billion. The leading countries in terms of revenue generation and participants are, The US,
Europe (UK & Ireland) and Japan.
THE US GOLF INDUSTRY
The US golf industry is one of the largest in the world ranking and has advanced golf
facilities. While in recent times, its growth rate is slower than expected because of the high
cost involved in the game and present condition of the economy which does not allow
spending much on leisure activities.
Figure: The US Golf Industry Segments 2011
Country Clubs
Public golf courses
Private golf courses

9. GOLF COURSE REVENUES
Total golf course revenues were up 0.90% in 2010 and
The US golf course revenues 0.94% in 2011 reaching to value of USD ~ billion and USD
were up 0.90% in 2010 and ~ billion respectively. The figures suggest a positive growth
0.94% in 2011
in golf demand and supply while growth rate is relatively
low. During first half of 2011, economy reflected a
recovery in growth but in the second half of the year the fall in GDP, declining currency rates and
falling industrial profit affected the golf industry performance. Bad weather was also accountable
for fall in golf course direct revenues.
Figure: The US Golf Course Revenues (2006-2011)
USD Billion
2006 2007 2008 2009 2010 2011

10. GOLF SUPPLIES/EQUIPMENT MARKET
In 2009 consumer purchases of golf supply/equipment
In 2009, consumer purchases declined by 11.45% reaching USD ~ billion compared to
of golf supply/ equipment
USD ~ billion in 2008. Golf market showed a positive
declined by 11.45%
response in 2010 driven by economy overcoming from
recession and increasing golf events in the country. Golf equipment revenues in 2010
witnessed 1.64% growth to USD ~ billion.
Figure: Golf Equipment Revenues in the US (2006-2011)
USD Billion
2006 2007 2008 2009 2010 2011
Figure: The US Golf Clubs Market by Value (2006-2011)
USD Billion
2006 2007 2008 2009 2010 2011

11. In 2009 golf ball sales was USD ~ million falling
In the US Golf balls retail sales 3.33% from previous year, while sale of used balls
increased in 2010 and 2011 at a
increased during the period because of cost cutting
slow growth rate of 0.8% and
0.9% respectively strategy adopted by some of the public and private golf
clubs. Golf balls retail sales increased in 2010 and 2011
at a low growth rate.
Figure: Golf Balls Retail Sales in the US (2006-2011)
USD Million
2006 2007 2008 2009 2010 2011
Table: The US Export of Golf Balls to Countries Worldwide in 2009 in Value
Countries Export Value in USD millions
United Kingdom
Canada
Japan
South Korea
Australia
Netherlands
Hong Kong
Singapore
Mexico
South Africa

12. THE US GOLF EQUIPMENT INDUSTRY FORECAST
In normal economic condition AM Mindpower expects
In the US demand for golf equipment retail sales to grow at a CAGR 3.63% but taking
equipments is expected to
present economy condition into consideration, market is
be low in year 2012
expected to grow at a CAGR 3.08% from 2012-2016.
Demand will be low in year 2012 as well due to loosing
investor’s confidence, slow recovery and recent fall in golf tourism market.
Figure: The US Golf Equipment Market Forecast (2011-2016)
USD Billion
2011 2012 2013 2014 2015 2016
In 2011, golf clubs accounted for 30.60% of the US golf equipment market and are further
expected to grow 4.38% in 2013. The future growth is expected to be driven by recovering
country’s financial condition, rising employment rate and government’s approval of
establishing new golf facilities.

13. Figure: The US Golf Clubs Market Forecast (2011-2016)
USD Billion
2011 2012 2013 2014 2015 2016
THE US GOLF ECONOMY
NUMBER OF GOLFERS
There was a fall in number of golfers in 2009 compared to 2000 (~ million) & 2005 (~
million). Numbers fell again in 2010 by 3.32% to ~ million due to fall in number of Core
golfers by 3.60% from ~ million in 2009 to ~ million in 2010.
Table: Total Number of Golfers in the US (Age 6+) (2006-2011)
2006 2007 2008 2009 2010 2011E
Adult Female 18+
Adult Male 18+
Total Adults
Girls 6-17
Boys 6-17
Total Juniors
Total Golfers

14. ROUNDS PLAYED
In 2009, ~ million rounds of golf were played in the country down by 2.30% in 2010 to ~
million. A fall in rounds played is not only the impact of uncertain economy condition
prevailing in the country but also changing weather conditions accountable for fall in total
rounds played during 2010.
Figure: Total Number of Rounds Played in the US (2006-2010)
No. of Rounds Played in millions
2006 2007 2008 2009 2010
THE EUROPEAN GOLF INDUSTRY
INDUSTRY PERFORMANCE
In last 20 years Europe’s golf industry is showing a positive growth well both in terms of
demand and supply and the number of golfers has been increasing with expanding market for
golf course supplies. Within Europe, a major portion of golf demand and supply comes from
few countries such as the UK and Ireland who are the leading producers and consumers.

15. Figure: Golf Course Demand by Countries in Europe in 2011
UK & Ireland Germany Sweden France Netherlands Spain
Figure: Golf Course Supply by Countries in Europe in 2011
UK & Ireland Germany France Sweden Spain Italy
GOLF FACILITY OPERATIONS MARKET
In terms of direct revenues, European golf industry
The European golf industry is generated USD ~ billion in 2010 an increased from USD ~
benefiting from rising golf
billion in 2009 while decline from revenues generated in
participation rate in the UK
2007 to USD ~ billion. Initially the major sources of
revenues were tourism, golf facilities and construction
industries but during recession all the three industries faced heavy losses and so did golf
industry in many European countries.

16. In 2011, golf facility operations reached USD ~ billion rise from USD ~ billion in 2009
compared to USD ~ billion in 2007. These figures reflect unstable economic environment
during the years.
Figure: Golf Facility operations Revenues in Europe (2006-2011)
USD Billion
2006 2007 2008 2009 2010 2011
GOLF EQUIPMENT REVENUES
Production of golf equipments grew faster in the last
A major portion of the demand for
10 years but in recent past (during global economic
golf equipment is coming from
Western part of the Europe slowdown) the sector has witnessed fall in demand,
reduced golf facility revenues and golf club
membership.

17. Figure: EU Production of Golf Equipments by Value (2006-2010)
USD Million
2006 2007 2008 2009 2010
Table: EU Imports of Golf Equipments by Value & Volume (2006, 2008 & 2010)
2006 2008 2010
Value
Volume
Note: Value in USD Million, Volume in ‘000 tonnes

18. EUROPEAN GOLF INDUSTRY FUTURE OUTLOOK
The recent economic changes affected forecast for European golf industry as well. Golf is
treated as an expensive sport compared to other outdoor sports, with high membership fee
and is also regarded as a status symbol. Falling national income and trade have led the
manufacturers of golf equipments to reduce their production estimate for 2012 and 2013. The
UK accounts for a large demand of golf products though sales is expected to fall in the
country during 2012 and number of tournaments are expected to be low compared to previous
years.
Figure: European Golf Facility operations Direct Revenue Forecast (2011-2016)
USD Billion
2011 2012 2013 2014 2015 2016
In short term demand for golf equipments will be low and accordingly manufacturers will
plan to reduce production quantity. Keeping macro economic factors and industry factors into
consideration we expect the golf sector to recover from this situation by 2014 driven by new
planned tournaments and recovering economy, which may once again give a boost to golf
tourism.

19. Figure: European Golf Equipments Market Forecast by Value (20011-2016)
USD Billion
2011 2012 2013 2014 2015 2016
EUROPEAN GOLF ECONOMY
European golf market is developing with increasing number of golfers of all age groups
offering ample of opportunities for golf equipment and accessories retailers in the region.
Golf is popular only in 7-8 European countries and only few of these have mature demand
and supply, while in other countries the sport is still in its early phase. In 2009 there was a
3.30% decrease in the number of golfers in UK and Ireland, known as largest golf markets in
the region.
NUMBER OF GOLFERS BY DEMOGRAPHY
In most European countries, male golfers have leverage and dominate in terms of
participation rate. Currently, around three fourth golfers are male, and one fourth accounts for
women and junior golfers.
Table 1: Demographic Distribution of Number of Golfers in European countries in 2010
Countries Male Female Junior
Bulgaria
Poland
UK & Ireland
Portugal
Lithuania
Cyprus
Hungary

20. Spain
Greece
Estonia
Italy
Norway
Denmark
A large number of female golfers belong to Germany, Austria and Switzerland with female
participation rate crossing 27%. Mainly Germany and Austria has leading position in terms of
total number of female golfers.
Figure: Percentage of Female Golfers in 2010
Germany Austria Switzerland Netherlands Belgium
GOLF FACILITIES
Growth rate of opening new courses started falling from 2008 onwards, reflecting effect of
global crisis, increasing unemployment rate, struggling European economy and falling
number of golf players.
There are many other issues such as climate change, insufficient water supply, land
availability and government policies in European countries restricting establishment of new
golf courses.

21. Table: Total Number of Golf Courses and Players by Demography in England (2006-
2011)
Years Courses Players Male Female Juniors
2011
2010
2009
2008
2007
2006
GOLF INDUSTRY TRENDS AND DEVELOPMENTS
THE UK SPORTS TOURISM AND GOLF
WALES GOLF TOURISM AND ECONOMY
GOLF INDUSTRY RECOVERY FROM RECESSION
JUNIOR GOLF IN ENGLAND
WEATHER FORECASTS VIA MOBILE FOR GOLFERS
NEW GOLF BAG STORAGE SYSTEM

22. GOLF COURSE DEVELOPMENTS BY GEOGRAPHY
UNITED KINGDOM
In the UK after football, golf is considered as the second most important structured sport.
Although only 4.50% of adults play the game regularly, the penetration rate is doubled,
considering the infrequent and holiday players.
Figure: UK Consumer Expenditure on Golf Equipment (2006-2010)
USD Million
2006 2007 2008 2009 2010
Moreover, the game is also very lucrative financially, as it needs permanent single-sport sites
and also involves spending on personal and facility equipment, clothing, socializing as well
as travel. Golf as a sport demands a high level of commitment, thus, making it difficult for
majority of the adults, in terms of both time and money.
GOLF IN NORDIC COUNTRIES
Nordic countries showed a fast economy growth before 2008 compared to other countries in
Europe. On the other hand during recession Nordic countries were highly affected. These
countries have large number of affluent population supporting golf industry. In Sweden golf
has gained popularity with almost 6.30% registered golfers. In Denmark and Norway golf is
growing at faster rate led by easy accessibility of golf facilities.
Although demand for golf apparel and accessories is not the same in all the Nordic countries,
such as, Norway has low demand for golf apparel compared to Denmark due to change in
climate conditions.

23. OPPORTUNITIES IN ASIAN MARKETS
DEVELOPING GOLF FACILITIES IN CHINA
EXPANDING GOLF EQUIPMENT MARKET IN INDIA
GOLF MERCHANDISE EXPOSITION
GOLF TOURISM IN INDIA
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