In their annual look at Golf industry trends fresh off of the PGA Merchandise Show, Compass Point’s Casey Alexander, cites new SLRG research showing bullish golfer attitudes and other salient data points.
December 2025 U.S. Golf Rounds Played Up 0.2%. According to the monthly report from Golf Datatech, in December 2025, U.S. golf rounds increased 0.2% year-over-year. The December Rounds Played report follows the November 2025 reading, up 3.2%, and the October 2025 reading, down (2.2%). The December reading held the YTD Rounds Played at a positive 1.2% for U.S. Golf Rounds played for the full year.
As Exhibit 1 shows, the December U.S. Golf Rounds played faced a weak comparison, as the December 2024 U.S. Golf Rounds Played decreased by (9.1%). While Golf Playable Hours were down 7% in December 2025, rounds played increased by 0.2% compared to 2024, which is a phenomenal result, outperforming the weather by over 7 points. We are fully in the part of the season where total rounds slow down, so monthly changes do not have a significant impact on the YTD numbers.
Regional results for December 2025 were neutral, with four regions reporting rounds played gains versus four regions reporting declines. The strongest regional contribution came from the West North Central region (MO, KS, IA, NE, MN, SD, and ND), which was up 27.9% for the month. The Mid Atlantic region (NY, NJ, and PA) had the largest decline in rounds played, at down (58.3%). We are officially in the off-season, where the volatility of rounds played comps increases due to lower numbers of players. The West North Central region experienced a (62%) decrease in precipitation. We also note that precipitation declined in seven of the eight regions in December 2025 when compared to 2024.
Regional results on a YTD basis were skewed positively, with five regions reporting rounds played gains versus three regions reporting declines. The strongest regional contribution for the year came from the Mountain region (MT, ID, WY, CO, AZ, NM, and UT), which was up 5.6% for the year. The Mid Atlantic region (NY, PA, and NJ) had the largest decline in rounds played, at down (2.5%).
Despite poor weather conditions, the number of rounds played for 2025 was stubbornly better than the weather would suggest. Looking at Exhibit 2, we can see that only three of the twelve months in 2025 have had positive weather comps as measured by Golf Playable Hours. When we measure Golf Playable hours down (1%) YTD and U.S. Golf Rounds Played up 1.2%, we can conclude that golf demand continues to be very solid.
Notes From the 2026 PGA Merchandise Show:
Last week, we attended the 2026 PGA Merchandise Show in Orlando, FL. Before we start to examine our findings from the Show, it makes sense to level-set the current environment and then how we see it moving forward from here.
Our first observation is purely empirical. In the late 2000-teens (2017-2019) we can honestly say the PGA Merchandise Show had devolved into a coffee klatch of older men talking to each other about how important they were for the game. Needless to say, it was not representative of a healthy environment.
This year, I can honestly say I felt like I was the shortest person there. The Show was packed with vibrant young men & women, athletes all, taking over and dominating with their presence at the Show. I count this development as exceedingly healthy for the future of the game. The younger cohort is not just playing golf; they are owning it. They have channeled that energy into on-course, off-course, social media, YouTube, and you name it. They are driving the game of golf to a new and healthier place. At one point in time, we were concerned about who would carry the game of golf forward when our generation moved on, but now we see that future fully populated. If there is anything positive that can be said about COVID-19, this is it.
Undeniably, the golf industry in the US has enjoyed a full-on renaissance in terms of participation. Exhibit 3 shows that US golf rounds have increased in six of the last seven years. Against this backdrop, we can calculate that annual rounds played are now 30% greater than they were in 2018. What we also know is that there are fewer eighteen-hole equivalents today than there were in 2018, so we are packing more people into fewer courses.
As demonstrated by the Pellucid Corp. 2026 State of the Industry report, the current capacity utilization of rounds played at the facility level has risen from the mid-50% level to the 75% level.The US generated a record 540M rounds in 2026.
Given the practical limitation of how rounds played capacity is measured, we believe that facilities are at or near their functional capacity. Without a significant positive weather dividend, it will be very difficult for rounds played to increase from the current level. But according to Pellucid, Accuweather projects Golf Playable Hours to increase by 4% in 2026. If that prediction holds up (from weather-people, we get it), then rounds played would almost certainly increase again in 2026 despite a likely decrease in capacity utilization.
But as important as rounds played are, we concentrate our effort on equipment sales. In that regard, looking backward is just as valuable as looking forward. By that, we mean that if rounds played were robust in 2025, it seems likely that golfers will spend on equipment in 2026. To put some data behind that conviction, we turn to the Sports & Leisure Research Group’s (SLRG) Golf Consumer Outlook for 2026.
According to SLRG surveys, 65% of survey participants expect to devote more time to leisure activities in 2026 compared to 2025. That seems like a good place to start. But the most encouraging data is found in the SLRG golf spending survey, shown in Exhibit 4. The surveyed golfers reported that 92% expect to spend the same of more on equipment/apparel in 2026 as compared to 2025. That is 11% higher than what was reported in 2025.
We also note that SLRG communicated that private club membership growth has hit a new high. This also argues for increased spending on equipment, because private club members are already invested in the game through their dues/initiation fees. The financial commitment they have already made suggests that they will continue to invest to support their previous financial decision.
We also have observed that golf equipment companies continue to improve technology and increase innovation, which we observe is highly important to this younger cohort. The implementation of AI technologies is almost demanded for those under the age of 40, and the core four golf equipment companies (Callaway Golf, Acushnet, TaylorMade, and PING) have the wherewithal to make those R&D investments and make them pay off.
SUMMARY. With 2025 recording the strongest year of participation ever, and with consumer attitudes suggesting an intention to spend the same or more on equipment in 2026, we expect another solid year of financial results across the golf equipment space. For more details, see our reports on Callaway Golf: Update Estimates & Raise Price Target to $17.50; Reiterate Buy Rating and Acushnet Holdings: Shifting Focus to 2026 as Capital Returns Program Continues to Benefit Shareholders; Raise Price Target to $85.00 & Reiterate Neutral Rating .