Golfonomics - the economic phenomenon of golf
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As the Ryder Cup 2008 is played out in Kentucky this weekend, I was drawn to an article that explains the phenomenal growth and value of the global sport of golf…
I hadn’t quite appreciated just how significant the sport of golf is to the global economy. It is, by some distance, the richest sport on earth. However, the economic impact of the growth of the game is being felt far and wide. Not just in places like Dubai (where Tiger Woods has his pension nicely secured) and China. But in places like Cambodia too, which is looking to benefit by exploiting the market for the golfing tourist dollars.
This article in the Independent is well worth a read.
Some of the highlights for me:
- 20 million global golf tourists
- $76bn spent each year in the US golf market each year
- 1 in every 1,000 adults in Europe works in golf-related markets
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