J.P. Morgan Research: Golf Industry Returns to 'Golden Era' with Record Participation and Consumer Vitality

Recently, a research report from J.P. Morgan indicates that the theme of this year's PGA Show in Orlando, "Golf Industry Returns to 'Golden Era'", is becoming a reality. Not only has the overall industry scale surpassed pre-pandemic 2019 levels, but in terms of participant diversity and consumer vitality, it has also exceeded the 2003 historical peak marked by Tiger Woods' personal influence, demonstrating sustainable structural growth.

Orange Bay Sports will interpret this from three aspects: participation and consumer vitality, demographic structure, and cultural breakthrough.

I. Comprehensive Improvement in Golf Participation and Consumer Vitality

1. Participation

(1) Number of Golfers:

*Related reading: In 2024, China's golf population was about 5.4 million. See more data in Orange Bay Sports historical article.

(2) Rounds Played:

As of 2025, global rounds played are expected to increase to about 975 million (up 22% from 2019), with U.S. rounds at about 550 million (up 25%). U.S. rounds have grown for three consecutive years; rounds in other global regions also turned positive in 2025 (+4%), with the UK performing particularly well.

2. Consumer Vitality

J.P. Morgan recently surveyed 1,000 golf consumers in North America, showing that 40% of high-income consumers indicated a higher willingness to purchase new equipment now than six months ago.

At the recently held 2026 PGA Show, this trend was confirmed by leading industry brands.

Titleist parent company Acushnet executives stated: Brand customer engagement is high, consumption is stable, and historically resilient to macroeconomic fluctuations, believing the current environment "is a golden period for golf manufacturers".

CALLAWAY management also held a similar view, stating "the health of the golf business is excellent" and pointing out that market demand drivers are increasingly diversified.

* Related reading: For brand innovation dynamics at the 2026 PGA Show, see Orange Bay Sports historical article.

II. Rapid Growth Among Women, Juniors, and Off-Course Participants

The report notes that recent surveys and the 2026 PGA Show indicate particularly significant growth among women, juniors, and off-course golf participants.

1. Women

Since the start of the pandemic, the U.S. female golf population has increased by 2.3 million, reaching 7.9 million (up 41% from 2019), accounting for about 60% of the net increase in on-course golfers since 2019.

Key drivers include social media influence, improved quality of dedicated equipment, and low-barrier experiences like off-course simulators.

2. Juniors

In 2024, U.S. junior participation rose to 3.7 million, the highest level since 2006; among them, junior girls increased from 15% in 2000 to 35%—thanks to LPGA events, USGA initiatives, and the role modeling of young celebrities.

3. Off-Course Golf Population

Since the pandemic, off-course participation has accounted for 70% of total participation growth. In 2024, off-course participants made up 41% of the total (compared to 29% in 2019).

III. Cultural Breakthrough: Mainstream Media and Celebrity Endorsement

The report points out that beyond on- and off-course metrics, industry participants at the PGA Show indicate that mainstream media/culture is another key driver of sustained interest in golf, including global streaming/entertainment content, social media, and celebrity public engagement.

1. Streaming Ignites Attention

The Netflix documentary "Full Swing" has become a phenomenon. The series focuses on the lives of top golfers on and off the course, airing three seasons from 2023 to 2025 with cumulative viewing time exceeding 100 million hours. Season 4 will air in April 2026.

2. Media Coverage Expands Broadly

YouTube golf content is gaining popularity, linking with creator-led events. Meanwhile, traditional media coverage of golf has reached an all-time high, with TV broadcast slots increasing, including innovative formats like TGL launched by ESPN.

3. Celebrity Effect

The report notes that active participation by high-influence individuals on social media, especially cross-sport stars like LeBron James and Stephen Curry, has greatly enhanced golf's relevance in mainstream culture and reduced reliance on a single "star player"—a stark contrast to the Tiger Woods era of 2003.

| Source: J.P. Morgan Report

| Image Credits: J.P. Morgan Report; Unsplash; Netflix; Instagram