Solid short game after a booming drive

With the spring season upon us after a difficult winter across most parts of the country, many are once again beginning to ponder outdoor activities. Golf is one of those activities that continues to grow in popularity, and we believe it is a leisure segment that is in a healthy position. According to the National Golf Foundation, golf rounds played surged 13.9% and 5.5% in 2020 and 2021, respectively, and unlike many other COVID activity beneficiaries, the golf industry continues to grow. Since 2021, golf rounds played have continued their upward trajectory, with average growth of approximately 2.5% over the last three years.

According to Bank of America aggregated debit and credit card data, spend at golf courses grew slightly more than 1% YOY in 2025 and has outpaced many other leisure categories where spend declined last year. In fact, total golf course spend in 2025 was 37% ahead of 2019 pre-COVID levels, trailing only the cruise industry (42% above 2019 levels) and ahead of other leisure activities such as theme parks (33% ahead of 2019) and boating (6% ahead of 2019).

We are constructive on the health and future growth of the golf industry, and we expect golf rounds played to normalize in the low-single digit range on an annual basis going forward. On-course and off-course venues as well as further innovation from golf equipment companies should all allow different levels of income, age, and experience to enjoy the game. The experience economy is alive and well, and we see golf as a key beneficiary of this trend.