Living Golf
SHOW #62
Golf Economy
Host: Justin Armsden
The respected Stanford Research Institute recently reported that at $76 billion in direct revenues, the U.S. golf economy is larger than the motion picture and video industries industry. At $28 billion, revenues from golf facility operations exceed facility revenues from all professional and semi-professional spectator sports combined. Globally, the golf industry is worth much more and when tough economic times hits the consumer it filters through to golf operators.
This month Living Golf is devoted to exploring the impact of the global credit crunch on a game that has experienced phenomenal growth over the past two decades.
JACK NICKLAUS - EXCLUSIVE
Justin Armsden sits down with the Golden Bear, who has designed more than 300 courses around the world, for his reaction to concerns over the state of the global economy and its impact on golf. Nicklaus admits that tournaments in the US are suffering with some sponsors dropping off. He refused to raise prize money at his own tournament, the Memorial to be held later this month, because it would be wrong when so many residents are struggling in the state of Ohio, where the tournament is hosted. But Nicklaus, whose company produces golf clubs and apparel, believes that on a global basis emerging markets for the game like Russia and those in the far east of Europe will help sustain the industry’s growth.
TOURISM AND DEVELOPMENT
A week dollar and less American’s travelling means golf tourism is suffering. From the Golf Business Forum in Dublin we speak to Irish Tour operators about their troubles and how they are trying to keep golf tourism afloat. We also talk to Daina Garmany, CEO of Troon Golf the biggest operator in the world, about his company’s prospects where golf course construction and development might come to a standstill.
News – regular update on the professional circuit.
Adam Scott - Living Golf’s touring pro gives a few tips on putting.
IMPACT ON PROFESSIONALS
Average first prize money on the US PGA Tour is $1 million. But with big banks suffering will sponsors be around to sustain such huge pay cheques. And how are the pro’s, those who don’t own private jets, lower down the ranks coping with the increased cost of travel. Justin Armsden sits down with European Tour boss George O’Grady to discuss the future.
MANUFACTURING AND RETAIL
Golf balls are made from oil, and with black gold trading at more than $100 a barrel, they will not only cost more to make but to transport. NIKE Golf CEO Bob Wood tells Justin Armsden that the consumer can soon expect to be paying more for their equipment and apparel. We explore the road ahead for the big brands in the game with consumers asked to pay more with less in their pocket.
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