$35+ Billion Golf Tourism Market

Global Golf Tourism Market

DUBLIN, June 20, 2024 (GLOBE NEWSWIRE) — The “Golf Tourism Market – Global Industry Size, Share, Trends, Opportunities and Forecast, 2019-2029” report has been released. ResearchAndMarkets.com Recruitment.

The global golf tourism market is expected to be valued at USD 23.14 billion in 2023, and is expected to grow at a robust CAGR of 7.4% during the forecast period till 2029.

Golf has seen a surge in popularity at many levels and has expanded significantly in the global market. Factors such as an increase in national and international tournaments, significant investment in sports infrastructure and an increase in the number of professional and amateur players around the world are driving this growth. Governments and sports organisations are actively promoting golf, organising tournaments and making significant investments to attract players and boost local economies.

One example is the Canadian federal government’s commitment to invest US$4.4 million in Golf Canada’s CP Women’s Open and RBC Canadian Open in August 2022. The funding is intended to encourage golf participation, stimulate economic benefits and attract tourists to the region. However, the pandemic has devastated the golf industry, causing a significant decline in golf tourism and international travel, resulting in significant economic losses around the world.

Despite these challenges, the golf industry is expected to grow significantly due to growing interest in outdoor sporting events, government initiatives to promote sports tourism, and an increasing number of young golf enthusiasts. This creates an opportunity for tour operators to tap into new markets. Furthermore, government support for the industry and initiatives to promote sports holiday destinations are expected to encourage further expansion and contribute to economic growth. Given golf’s widespread popularity and potential for future growth, governments around the world are keen to capitalize on the golf industry’s opportunities and maximise its economic benefits.

Key Market Drivers

Increased personal wealth

• Impact: With an increase in disposable income, more people will be engaged in leisure activities such as golf tourism.

• Relevance: This will expand the range of golf tourism participants, which has traditionally been considered limited to the wealthy, and promote market growth worldwide.

Leisure spending on the rise

• Impact: The trend towards experiences over material possessions favours golf tourism, which offers a comprehensive leisure package.

• Relevance: Golf resorts cater to changing consumer tastes by offering world-class golf courses as well as luxury accommodations, fine dining and spa facilities.

The story continues

Find unique and memorable experiences

• Impact: Demand for unique and enriching travel experiences is driving interest in golf tourism.

• Relevance: Offering iconic courses, beautiful scenery and cultural experiences, golf tourism attracts travellers looking for a memorable trip.

Corporate and group outings

• Impact: Companies use golf courses for networking and team-building activities.

• Relevance: It offers special packages combining professional work and leisure activities, diversifying the consumer base and promoting market growth.

Key Market Challenges

Economic uncertainty

• Challenge: Fluctuations in consumer spending during economic downturns affect golf tourism.

• Impact: A decline in disposable income will lead to reduced spending on travel and golf-related activities, impacting market stability.

Seasonality of golf tourism

• Challenge: There are peak and off-peak seasons depending on weather conditions.

• Impact: Revenues fluctuate in travel destinations, making it necessary to diversify service offerings to maintain profitability throughout the year.

Environmental concerns

• Challenge: The environmental impact of golf courses and tourism raises sustainability issues.

• Impact: Require the adoption of environmentally friendly practices to mitigate environmental degradation and appeal to conscientious travelers.

Competition from non-golf destinations

• Challenge: The global tourism race offers a variety of attractions beyond golf.

• Impact: Infrastructure and marketing strategies need to be strengthened to differentiate golf courses and attract a wider range of tourists.

Changing demographics and preferences

• Challenge: Changing tastes and interests of younger consumers.

• Impact: This will require adjusting golf offerings, incorporating technology and promoting an inclusive and sociable golf experience.

Infrastructure and Accessibility

• Challenge: Development and maintenance of high quality golf courses and the supporting infrastructure.

• Impact: Limited access and inadequate infrastructure hinder the growth potential of emerging markets.

Key Market Trends

The rise of experiential travel

• tendency: The focus will be on immersive travel experiences that go beyond traditional tourism.

• Impact: Golf tourism integrates cultural excursions, culinary adventures and local interactions to enhance the overall travel experience.

Technology Integration

• tendency: To enhance traveller convenience, we will introduce online booking platforms, mobile apps, VR and AR.

• Impact: Increase accessibility, engagement and planning for golf tourists, enhancing their pre-trip and on-site experience.

Introducing the Golf Cruise

• tendency: Combine luxury cruising with golfing experiences around the world.

• Impact: It will appeal to travelers looking for convenience, variety and exclusive access to renowned golf courses without changing their accommodations.

Sustainable Golf Tourism

• tendency: Golf course management places a strong emphasis on environmentally conscious practices and responsible tourism.

• Impact: Attract environmentally conscious travelers, increase the destination’s attractiveness and promote long-term sustainability.

Growth of Golf Events and Tournaments

• tendency: Hosting a major tournament increases the golf course’s profile and economic impact.

• Impact: It will promote tourism, infrastructure development and the golf course’s global recognition as a premier venue.

Focus on wellness and health tourism

• tendency: Position golf as a wellness activity that offers physical and mental health benefits.

• Impact: Integrating wellness amenities into golf resorts will attract health-conscious travelers looking for a holistic leisure experience.

Segment Insights

• Application Insights: The domestic segment is leading the way due to pandemic-related travel preferences and infrastructure investments, while the international segment is showing the fastest growth due to global golf initiatives.

• Regional insights: North America has an advantage in professional tours, tournaments and infrastructure, and U.S. efforts are boosting tourism through sports-focused strategies.

Competitive Environment

Company Profiles: Detailed analysis of the key companies present in the global Golf Tourism market.

• Golfacian Inc.

• Premier Golf Tours Pty. Limited

• Habersham & Baker Company

• Perry Travel Inc. (DBA Perry Golf)

• Car Golf & Corporate Travel Limited

• Palatinate Group Limited

• SGH Golf Co., Ltd.

• Golf Breaks Inc.

• Golf Tours International

• Scottish Golf Holidays Ltd

Key attributes:

Report Scope:

Golf Tourism Market, by Service Type:

• Private tour

• Professional Tour

Golf tourism market, by use:

Golf tourism market by end user:

Regional Golf Tourism Market:

• North America

• America

• Canada

• Mexico

• Europe

• France

• England

• Italy

• Germany

• Spain

• Asia Pacific

• China

• India

• Japan

• Australia

• South Korea

• south america

• Brazil

• Argentina

• Columbia

• Middle East and Africa

• South Africa

• Saudi Arabia

• United Arab Emirates

• turkey

• Egypt

For more information on this report, please visit: https://www.researchandmarkets.com/r/bh9v5i

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