[비즈한국] Once upon a time, golfers got younger. It was just a few years ago, during the COVID era. For some reason, the MZ generation became obsessed with golf. It could truly be called a frenzy. Social media was flooded with photos taken by stylish young golfers on golf courses. The purchasing power of the younger generation was significant, and the golf market enjoyed an unprecedented boom in every sector. However, they did not stay long. They soon left and moved on. It was like abandoning a depleted gold mine to find gold elsewhere, or perhaps seeking out different minerals. The golf "gold rush" passed just like that. The sentiment of “There are so many young people at the golf course these days” has changed to “Everyone at the golf course these days is old.” Perhaps it is more accurate to say that it has "returned to the way it was" rather than "changed."
Golf was never really a young person's sport to begin with. It is not particularly dynamic and consumes a lot of time. In South Korea, in particular, golf is more expensive than almost anywhere else in the world. It was not a hobby easily accessible to those in their 20s and 30s, who generally have lower incomes. In the South Korean golf market, seniors aged 50 and older account for 50–55% of the total. In fact, today’s 50-year-olds are far too young to be called seniors. There is the term "active senior," and some even say that you should subtract at least ten years from the 50s or 60s of the past. However, assuming the threshold for "senior" is 50 and above—the same age requirement for the "PGA Tour Champions," the senior circuit of the PGA Tour—let’s consider those 50 and older as the senior demographic.
In South Korea, people in their 50s have the highest wages, earned income, and business income of any age group. Their level of real estate and financial asset accumulation is also at the top tier. In short, it is the generation with the greatest financial freedom. If the 40s are a growth period for asset formation, the 50s are the generation that reaches its peak. This accumulated wealth continues into their 60s. In the past, people might have disposed of their assets early to pass on an inheritance to their children, but today’s seniors do not. While the number of children is smaller than in the past, the most significant factor is that life expectancy has increased. The hope of living a long, healthy life without losing purchasing power has been reflected in various lifestyle changes.
The golf industry cannot simply wait idly, desperately hoping for the departed younger generation to return. Furthermore, South Korea's current birth rate is dismal. Now is the time for the senior market. It is a market where senior golfers are the center of consumption. While some say the younger generation is leaving for tennis and running, and the baby boomer generation is leaving for hiking and park golf, if the golf industry's marketing for the senior generation is effective, they will stay with golf longer. This is because golf is a sport and hobby that is difficult to start, but also difficult to quit.
Now is the time for South Korean golf courses to begin "senior discounts." Abroad, there are typically senior discount benefits for those over the age of around 60. While these are benefits for retired golfers who have stepped down from their professional roles, they are also for the benefit of golf courses and the golf industry itself. The common notion that "I should quit golf once I get older and my income decreases" needs to change to "golf is something I can continue even as I get older." If the golf industry fails to retain even the senior generation, its future could find itself stuck in a deep, thick rough that is difficult to escape.
Golf equipment also requires more focused development for seniors. Of course, seniors don't like it when products are explicitly labeled "for seniors." Did "gold tees," once synonymous with senior tees, not change to "front white tees," located in front of the two standard white tees? The challenge for the golf equipment industry is how to develop and advance senior equipment while effectively hiding and packaging the "for seniors" intention.
The same applies to golf apparel. There is a need to research what kind of designs and colors appeal to seniors and what pricing policies are appropriate for them. Even brands with a young, hip fashion philosophy must now consider the mega-target that is the senior golfer. At the very least, they should prepare a lineup for them.
The current generation in their 50s and 60s will be in their 60s and 70s in ten years. Will their mindset and bodies really change as much as the passing of a decade suggests? South Korea has already entered an aged society, and there are projections that it will become a super-aged nation by 2060. This means the golf market will also become a market for super-aged golfers. The golf industry must also prepare for the era of elderly golf. This is because it appears that current golfers in their 50s and 60s will be walking on the grass of golf courses for longer than we think.