Everyone has an opinion on the state of golf retail sales in 2025. The problem is that most of those opinions are based on gut feelings, not data.
A new report from Circana, a leading consumer and retail analytics firm owned by Golf Datatech, provides some answers.
The problem? The answers raise more questions.
Let’s dig in.
Golf retail sales are up … we think
or statement issued this week by Phil Barnard, Circana vice president of Golf Insights, says that despite economic uncertainties, 2025 sales through golf specialty retailers are up seven percent through August compared to the same time period last year. Barnard also says golf-related sales through general sporting goods stores, warehouse clubs, e-commerce and mass merchandisers are up 4.5 percent.
Given the hype and hype over the economy, these numbers look pretty good, don’t they?
However, one problem. These sales figures are dollar sales, no uniT sales.
No industry on the planet would turn its nose up at a seven percent increase in sales. However, one must ask how much of this increase is due to price increases and how much is due to volume increases. As we’ve seen over the past few weeks, tariffs are starting to affect golf equipment. Many OEMs have introduced mid-season price increases to cover their rising costs.
In their second quarter financial statements, both Acushnet and Topgolf Callaway reported the impact of the new tariffs is likely to be felt in the second half of the year. Both companies pledged to mitigate those new costs, but both said some kind of price adjustment would be inevitable.
An overly rosy scenario for golf retail?
Preferably. Of course, the post-COVID-19 hardware boom is over. New players who bought new equipment between 2020 and 2023 still have what could be considered “new”. Retailers we spoke to say appliance sales aren’t what they were a few years ago. A specialty salesman used the word “dead.”
Bugaboo—dollars versus units follows every business. Price increases are inevitable regardless of industry, but it’s not something manufacturers take lightly. When a report like this touts the relative health of an industry, but quantifies that health in dollars rather than units, questions need to be asked and the details examined.
In it First half report for 2025Acushnet reported a 4.5 percent increase in device sales. This increase was mainly due to higher sales volumes of the new Pro V1 models and the new GT drivers, fairings and hybrids. However, he also notes higher average sales prices for golf clubs.
Callaway equipment sales, on the other hand, they were sitting very little compared to the first half of 2024. Topgolf Callaway does not provide category-specific details other than online sales numbers.
There is a reversal
The Circana statement can be interpreted several ways, but it says the growth of non-golf retail outlets outpaces other sports categories. They believe this shows the relative stability of golf compared to other sports and activities. It is also reflective of the relative affluence of golf’s consumer base.
Additionally, the report says rounds played through the end of August are up roughly one percent compared to 2024. This increase comes despite a weather-related decline earlier in the year. Specifically, rounds played in August alone increased over eight percent.
The math there is simple. More rounds played means more golf balls, golf gloves and other things that break down.
Circana, which acquired Golf Datatech last year, captures online and brick-and-mortar sales. However, these online numbers mostly come from online retailers and the e-commerce arms of brick-and-mortar retailers. They, in most cases, do not reflect sales from direct-to-consumer brands such as Sub 70, Takomo and others.
So is golf sick?
It is doubtful. Flat or even slightly lower sales figures from golf’s two biggest entities aren’t necessarily signs of trouble. After all, Acushnet’s first-half sales totaled $1.4 billion while Topgolf Callaway’s totaled $2.2 billion. I don’t care who you are; that’s a lot of cabbage.
What it does tell us, however, is that the golf equipment game is finally normalizing. COVID gave the entire industry a much needed boost. The pandemic created many new players, many of whom are still playing. Device sales growth has slowed compared to 2020 to 2023, but overall sales are still well ahead of pre-pandemic levels.
However, as stated earlier, price increases are a part of life. Both Acushnet and Topgolf Callaway will release their third quarter financials in early November. It will be interesting to see, however, in Acushnet’s case, how they present sales growth in terms of volume and selling prices. From a business perspective, higher volume at higher prices is great. Steady volume at higher prices is good. Falling volume at higher prices isn’t ideal, but you can live with it in the short term.
What you want to avoid is falling volume at falling prices and, interestingly enough, increasing volume at falling prices.
This is when you decide Going out of business come forward
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