October 2022 Industry Report

Economic Crosscurrents

As we experience economic crosscurrents in golf, I thought you would find these two CNBC consumer trends interesting. For every $10,000 in house appreciation, homeowners typically reinvest 10% or $1,000 into house upgrades. For every $10,000 in stock portfolio appreciation, the consumer typically withdraws 2% or $200 to splurge. The take: home values are much more important to the consumer psyche versus the daily swings in the Dow Jones Industrial Average.

Third Party Management

Did you know? Over the past 10 years, the number of golf clubs run by third-party management companies has climbed by 18%. More than 15% of golf clubs (both public and private) are managed by a multi-course operator.

Life Expectancy

Likely part of your marketing message includes promoting one of life’s greatest and fleeting assets – time. Whether it is spending more quality time with your family and friends or delivering a lifestyle/experience that lets you live better for longer – time is the focus.

So, the following statistics are more relevant than ever…

U.S. life expectancy in 2019: 78.86 years

U.S. life expectancy in 2020: 76.99 years

U.S. life expectancy in 2021: 76.60 years

This is a net loss of 2.26 years, reflecting the biggest drop since 1943 (the deadliest year for Americans in World War II). Most, but not all, of the decline can be traced to COVID deaths and opiate addiction across the nation.