Golf, which used to have a reputation as a sport for the well-heeled elite, is showing signs of economic strain.According to industry players, there is significant decline in both the demand for equipment such as golf clubs and golf balls, as well as for the use of putting greens.
According to a forecast by economic research outfit Fitch Solutions Macro Research, Malaysia’s economic growth is likely to average 4.5% in 2020, down marginally from a World Bank forecast of 4.6% for this year. He said many golf clubs have managed to cushion the impact of a slowdown by hosting corporate tournaments and working closely with travel agencies to bring foreign golfers to putt in Malaysia.“Thanks to their support, we have managed to keep the decline in revenue and profit to just about 5%.”Another industry player Frankie Choo agrees.
He said two of the big four golf chain stores have already gone out of business, thanks to a 20% to 30% drop in sales industry-wide.Perhaps one way for the sport to get its swing back is to get some support from the government, as is the case in Thailand.
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