SEOUL, May 24 (Korea Bizwire) – Despite the overall slump in private consumption, South Korea’s golfware market is expected to post solid growth this year as more younger people enjoy the sport, industry sources predicted Sunday.
According to the Korea Leisure Industry Institute and golf-related clothing makers, the country’s golfware market will likely grow 7.14 percent on-year to 3 trillion won (US$2.75 billion) in 2015.
The expected increase is mainly due to people in their 20s and 30s enjoying golf thanks to greater accessibility of golf courses and more clothing brands catering to such golfers, it said.
There has been a move to make golf less expensive in recent years that has helped expand the base of the sport. In the past, golf was generally enjoyed by older and rich people.
The institute said that besides established golf brands such as DAKS and Nike, companies like Millet and K2, which are associated with mountain and outdoors gear, have joined the fray. This has created more choices for consumers and helped bring down prices in certain cases.
“To meet the demands from younger people, there has also been a move to make products that meet the tastes of such consumers, with emphasis placed on color and design,” the think tanks claimed.
This view was echoed by clothing manufacturers that said there has been a move towards refined styling in golfware that seems to appeal more to younger people.