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November 2018 Industry Report

After last week's frenzy of Mega Millions Lotto fever, I thought I would research the "state of wealth" in America.

 

The latest census statistics (from 2016) report:

– 9.4 million individuals with net worth between $1 million and $5 million

– 1.3 million individuals with net worth between $5 million and $25 million

– 156,000 households (not individuals) with more than $25 million in net worth

 

In summary, there are approximately 11 million millionaires in America. The count is at a record high thanks to a bull market in stocks, bonds, and real estate. Although 11 million sounds like a lot, it still only accounts for roughly 3.5% of America's population. I suspect the actual number is higher due to stealth wealth and plenty of unreported or underreported assets.

 

So, how does this impact golf? Statistics on the health of the golf industry are a mixed bag. With a strong economy, higher stock market (compared to two years ago), and wealth transfer from one generation to the next, our sport does have several significant factors helping the game.  We also shouldn't discount the impact of Tiger back on the world's stage. It doesn't matter which side of the fence you fall on (loving Tiger or despising him), there is no doubt television ratings increase when he is in the field.

 

Consummate Hospitality

Pebble Beach Golf Links has been a fixture on the PGA Tour since the cost of a postage stamp was three cents. Next June, the iconic resort will host its sixth U.S. Open. If you have a member who is looking to entertain corporate clients in a grand way during the 2019 U.S. Open, please contact Tim Ryan, corporate sales chairman at ryant@pebblebeach.com.

 

Brand New for You and Your Members

The Reef by CuisinArt, fresh off a one year rebuild, renovation, and expansion has created a four-night package that includes complimentary room, meals, and golf for head golf professionals who accompany a minimum four paid couples. For more information on the resort and its Greg Norman Signature course see: www.TheReefByCuisinArt.com. For more on the special golf professional program, contact Scott Delong, PGA Certified Professional at sdelong@cuisinart.ai.

 

Management Advice

It almost goes without saying that decision-making is one of the most crucial aspects of leadership. According to The Wall Street Journal, here are the biggest mistakes bosses make in the decision process. During your next drive home from work, ponder if you fall into any of these pitfalls.

 

  1. Telling staff they have a voice when they really don’t.
  2. Bosses who avoid “paralysis by analysis” and don’t know when to slow down and evaluate.
  3. Bosses who treat “final” decisions as anything but.
  4. Bosses who use decision making as a substitute for action.

 

Statistics Courtesy of the National Golf Foundation

There were 456 million rounds of golf played in America last year, with an average of 19 rounds per golfer. Those that consider themselves avid golfers (there are about 20 million in the U.S.) account for 95% of all rounds played and overall spending. Women account for about 25% of golfers.

 

Total golf course supply declined by 1.5%, with the opening of 15.5 new 18-hole equivalent golf courses and staggering 205.5 course closures.

 

There are currently 14,794 U.S. golf facilities, 75% of which are public. The average guest fee for an 18-hole round at a public course will surprise you – at $34/round.

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