- GfK, 2024년 1분기 국내 골프 클럽 시장 성장률 발표 > 뉴스 - 스타트업 커뮤니티 씬디스
- 2024년 1분기 오프라인 골프 시장, 전년 동기 대비 19% 하락, 2023년 10% 하락에 이어 하락 폭 확대되는 추세시장 하락 가운데에서도…, 스타트업에 종사하시는 여러분들의 놀이터 씬디스는 스타트업 커뮤니티 입니다.
The offline golf market in Q1 2024 declined by 19% year-on-year, continuing the downward trend following a 10% decline in 2023.
Despite the overall market decline, online channels have shown strong growth, with an estimated online market share of 32%.
The market is expected to continue its downward trend for the time being due to the base effect of the COVID-19 boom and consumer spending contraction caused by inflation.
The downward trend in the domestic golf club market, which experienced rapid growth during the COVID-19 pandemic, has begun in earnest. According to GfK (GfK), a global market intelligence company, the offline golf club market in 2023 was estimated at 700 billion won, a 10% decrease compared to 2022. Furthermore, the decline deepened in the first quarter of 2024, with a 19% decrease compared to the same period in 2023 (based on sales revenue).
The domestic golf club market experienced unprecedented growth in 2021 and 2022, with year-on-year increases of 39% and 21%, respectively, due to the COVID-19 boom. However, with the COVID-19 boom fading and inflation and consumer spending contraction intensifying from the second half of 2022, the market has shown a clear downward trend. Nonetheless, the market has not yet returned to pre-COVID-19 levels. The market size in 2023 is still 64% higher than in 2019.
Considering the entire market, including online channels, the golf club market size in 2023 is estimated to be approximately 1.1 trillion won. Even when incorporating the online market, this represents a 10% decrease compared to 2022.
However, even in the golf club market, which is primarily driven by offline channels, the influence of online channels has been expanding in the long-term trend. The online sales share of the domestic golf club market, which was 23% in 2019, is estimated to have reached 32% in 2023 (based on sales revenue). This is largely attributed to the increase in non-face-to-face purchases during the COVID-19 pandemic and the influx of younger golfers. GfK interprets this as a result of major retailers enhancing the credibility of genuine product purchases through their entry into various online platforms, lowering the barriers to online shopping, and the creation of an environment where smaller retailers can easily enter online platforms.
The phenomenon of a few top brands dominating the market continued in 2023. The top 10 revenue-generating brands accounted for 79% of the entire market in 2023 (based on sales revenue).
Hyun Byung-hwan, in charge of the GfK Market Intelligence division, explained, “Given the base effect, the market's downward trend is likely to continue. As the market, which was once thriving for everyone, has rapidly shifted to a downward trend, consumer behavior is becoming more segmented, and the channels for purchasing golf clubs are diversifying, leading the golf club market to a new turning point. Top brands facing intense competition need to prioritize strategies to enhance consumer trust and purchase convenience across the expanded sales channels.”
- Based on GfK Market Intelligence: Sales Tracking
- Unless otherwise specified, all figures are based on sales revenue.
About GfK
For over 89 years, GfK has earned the trust of clients worldwide by solving critical questions in the decision-making process. We empower our clients’ growth by providing a complete understanding of the dynamics influencing consumer purchasing behavior, markets, brands, and media trends. In 2023, GfK combined with NIQ, uniting two industry leaders to create a uniquely global powerhouse. Through our state-of-the-art platforms, comprehensive retail market understanding delivered with advanced analytics, and the most extensive consumer insights, GfK drives ‘Growth from Knowledge’.
Website: http://www.gfk.com
Contact
GfK Korea
Marketing Team
Eun-Jeong Kim, Team Leader
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