By Jinjoo Lee

Golf is becoming younger and more accessible. That gives this latest boom more staying power than the Tiger Woods wave of the late 1990s.

The sport gained a lot of new participants in 2020 because it was the perfect socially distanced activity. Unlike other pandemic fads such as recreational vehicles, interest in golf has kept growing. Rounds played in the U.S. rose 14% in 2020 and have increased almost every year since then, according to Circana, a research firm. Through April, rounds played were up 5.3% compared with the same period a year earlier. Growth was more sluggish prepandemic: Rounds played declined 4.8% in 2018 and rose 1.5% in 2019.

Golf equipment has been one of the strongest sales performers among the sports categories that Circana tracks, according to Matt Tucker, executive director for Circana's sports-equipment business.

This has translated into a windfall for some companies. Shares of Acushnet Holdings, the owner of the golf ball maker Titleist, have nearly tripled over the past six years, well outpacing the S&P 500.

Callaway Golf hasn't fared as well, largely because of its acquisition of the golf entertainment venue operator Topgolf, a deal that added substantial debt to its balance sheet and dragged down its performance. While golf entertainment is a growing industry, sector observers think of it as a hospitality business that needs experienced hands. Callaway's shares have gained about 50% since it said last year that it would sell its majority stake in Topgolf to focus on its core business.

Helping drive golf's popularity is its growing accessibility outside golf courses. Today, the number of golf-entertainment venues -- including Topgolf and Five Iron -- has increased 80% since 2019, according to the National Golf Foundation. The number of commercial golf simulator locations has roughly doubled in the past three years. Golf-simulator technology has made the sport less frustrating for beginners because it gives instant feedback on their swings, said Greg Miller, an equity analyst at Truist Securities.

As a result, golf participation off the course has surged 63% compared with 2019, according to the National Golf Foundation. That is widening the pool of participants. Off-course golfers tend to be younger and include more women and people of color than on-course participants, said Greg Nathan, chief executive of the National Golf Foundation.

Golf's relative affordability might help explain its lasting growth compared with some other activities that became more popular during the pandemic, according to Miller, who covers stocks in the leisure and lodging industry. "Instead of paying half a million dollars for a boat or a lot of expenses related to RVing, golf is reasonably priced," he said.

Social media is helping to broaden its reach. In the past, most nongolfers' exposure to golf was watching the PGA Tour, which wasn't always relatable, according to Nathan. "When you watch or engage in golf on social media, you see all different types of people," he said. "And generally, the content is more focused on fun." On Instagram, some 43 million posts are tagged golf. Young golf influencers include President Trump's granddaughter Kai Trump, who has more than six million followers across TikTok and Instagram.

That social-media exposure appears to be rubbing off on the younger generation. Junior participation in golf on courses was 58% higher in 2025 compared with 2019, according to the National Golf Foundation. The share of Gen Z households that spent on golf rose significantly since 2019, the most of all age groups, according to a report from the Bank of America Institute. As younger golfers age, they could become bigger spenders.

There could still be more room to grow. About 19 million Americans have only played golf off-course, about 40% of all golfers. "That's a huge number of golfers waiting in the wings to potentially fill open tee times," Nathan said. On-course participation is high by historical standards at 29.1 million annually, but still not as high as the peak seen during the Tiger boom.

Transforming the casual screen golfer into an on-course participant hasn't been easy. Despite the surge in off-course participation, the number of beginners on golf courses has stayed relatively flat at around three million every year since 2020.

For investors bullish on golf's future, Callaway might be the more attractive entry point given its lingering discount over its competitor. Its enterprise value is 12.9 times forward earnings before interest, taxes, depreciation and amortization, compared with 14.4 times for Acushnet.

While Topgolf left a blemish on the record of Callaway, the company is still a dominant player, with the No. 2 U.S. market share in both clubs and balls. Following the sale of Topgolf, Callaway has a net cash balance sheet and higher operating margins.

Callaway might be better able to capture the beginners market because it sells a wider price range of products, including affordable club sets. Sales of complete golf club sets, a proxy for equipment used by beginners, rose 31% between 2021 and 2025, according to Tucker. Acushnet's Titleist focuses on pricier, performance-focused clubs, with the benefit of a sticky, high-spending customer base.

Consolidation during golf's lean years has given rise to a healthier industry with fewer big players. While the golf equipment market is more fragmented, there are fewer top players. Nike quit the golf-equipment business in 2016. Adidas sold TaylorMade and some of its other golf brands to private equity in 2017. The retailer and equipment-maker Golfsmith was acquired by Dick's Sporting Goods after going bankrupt in 2016.

Golf's break out of its stuffy, country-club reputation should help the industry play the long game.

Write to Jinjoo Lee at jinjoo.lee@wsj.com

(END) Dow Jones Newswires

May 31, 2026 05:30 ET (09:30 GMT)

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