Korean Golf Market Size "13 Trillion Won as of 2020"

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[Asia Economy Kim Hyun-jun, Golf Specialist Reporter] "12.9993 trillion KRW as of 2020."

This is the size of the domestic golf market. The Yuwon Golf Foundation (Chairman Kim Young-chan) published the "Korea Golf Industry White Paper 2020" on the 18th, analyzing the structure of the golf industry market. Various data from 2018 to 2019 were reviewed, covering all fields including professional golf tours, TV broadcasting rights, amateur golf tournaments, golf courses, screen golf, and golf equipment. Statistics related to COVID-19, which became prominent last year, have not yet been reflected.

The golf industry was divided into the "core market" and the "derivative market." The core market refers to the costs directly related to playing at golf courses or attending tournaments, which are the main products of the golf industry. The total was 5.2137 trillion KRW, with golfers' green fees accounting for the largest share at 58.3% (3.0381 trillion KRW). Next were screen golf at 26.8% (1.3973 trillion KRW), outdoor practice ranges at 11.6% (605.1 billion KRW), and indoor practice ranges at 2.1% (110.6 billion KRW). It is interesting that tournament attendance accounted for only 2.7 billion KRW.

The derivative market related to the core market totaled 7.7856 trillion KRW, with the golf equipment market overwhelmingly dominant at 73.8% (5.7447 trillion KRW). Facility operation market accounted for 9.9% (771 billion KRW), and golf tourism market for 7.9% (611.5 billion KRW). Of particular note is the continuous upward trend over the past six years, starting from 10.3384 trillion KRW in 2014. Due to the impact of COVID-19 this year, the golf market has actually grown rapidly, and the next statistics are expected to show an even steeper graph. The white paper is available for free on the website.

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