TABLE OF CONTENTS

1. Golf Industry Performance Worldwide

1.1. An Overview

1.2. Global Golf Equipment Demand

1.3. Global Golf Economy

Rounds Played

2. The European Golf Industry

2.1. Industry Performance

2.1.1. Golf Facility Operations Market

2.1.2. Golf Equipment Revenues

2.1.3. European Golf Industry Future Outlook

2.1.4. Cause and Effect Relationship between Industry Factors and European Golf Industry Prospects

2.2. European Golf Economy

Number of Golfers by Demography

2.2.1. Golf Facilities

2.3. Golf Industry Trends and Developments

2.4. Golf Course Developments by Geography

2.4.1. Golf in Central & Eastern Europe

2.4.2. United Kingdom

2.4.3. Golf in Nordic countries

2.5. European Macro economy Factors and Impact over Golf Industry

2.5.1. Europe Population

2.5.2. Gross Domestic Product

2.5.3. Inflation

2.6. Growth Drivers

3. Industry Competition

4. Appendix

4.1. Abbreviations

4.2. Definitions

4.3. Research Methodology

Data Collection Methods

Approach

4.4. Disclaimer

LIST OF FIGURES

Figure 1: Golf Economy Structure

Figure 2: Golf Course Demand by Countries in Europe in 2011

Figure 3: Golf Course Supply by Countries in Europe in 2011

Figure 4: Golf Facility operations Direct Revenues in Europe (2006-2011)

Figure 5: European Golf Equipments Market by Value (2006-2011)

Figure 6: European Golf Facility operations Direct Revenue Forecast (2011-2016)

Figure 7: European Golf Equipments Market by Value (20011-2016)

Figure 8: Percentage of Female Golfers in 2010

Figure 9: UK Consumer Expenditure on Golf Equipment (2006-2010)

Figure 10: Europe GDP at Current Prices (2006-2010)

LIST OF TABLES

Table 1: Opportunities & Threats in European Golf Industry

Table 2: EU Imports of Golf Equipments by Value & Volume (2006, 2008 & 2010)

Table 3: Relation between Independent Factors and the European Golf Industry Prospects

Table 4: Demographic Distribution of Number of Golfers in European countries in 2010

Table 5: EU Golf courses and Number of Registered Players by Demography in 2010

Table 6: Total Number of Golf Courses and Players by Demography in England (2006-2011)

Table 7: Total Number of Golf Courses and Players by Demography in Ireland (2006-2011)

Table 8: EU 27 Population aged between 65 years old or over, Present and Projections

Table 9: EU 27 Young Age Dependency Ratio, Present and Projections

Table 10: Population aged between 65 years old or over, Present and Projections

Table 11: GDP per Inhabitant in PPS, EU 27=100 (2010)

THE EUROPEAN GOLF INDUSTRY

INDUSTRY PERFORMANCE

From last 20 years Europe’s golf industry is showing a positive growth both in terms of demand and supply and the number of golfers has been increasing with expanding market for golf course supplies. Within Europe, a major portion of golf demand and supply comes from few countries such as the UK and Ireland who are the leading producers and consumers.

Figure: Golf Demand by Countries in Europe in 2011

Figure: Golf Course Supply by Countries in Europe in 2011

0%

5%

10%

15%

20%

25%

30%

35%

UK & Ireland Germany Sweden France Netherlands Spain

0%5%

10%15%20%25%30%35%40%45%50%

UK & Ireland Germany France Sweden Spain Italy

In countries like Portugal and Italy golf participants are low in numbers with sufficient supply, because golf tourism is much more popular among the inhabitants as compared to the individuals who prefer playing golf.

GOLF FACILITY OPERATIONS MARKET

The European golf industry is benefiting from rising golf participation rate in the UK and revenues generated from golf tours. Before financial crisis, golf facilities in the region were benefiting from rising popularity of games and witnessing a shift from privileged group to middle class population.

In terms of direct revenues, European golf industry generated USD ~ billion in 2010 an increased from USD ~ billion in 2009 while decline from revenues generated in 2007 to USD ~ billion. In 2011, golf facility operations reached USD ~ billion rise from USD ~ billion in 2009 compared to USD ~ billion in 2007. These figures reflect unstable economic environment during the years.

Figure: Golf Facility operations Direct Revenues in Europe (2006-2011)

GOLF EQUIPMENT REVENUES

In many European countries, schools have included golf in their sports and are encouraging students to participate in junior golf tournaments. The number of women golfers is rising with changing lifestyle and increasing working women population. A major portion of the demand for golf equipment is coming from Western part of the Europe, while Eastern Europe is also indicating rising interest of population in golf as a sport.

2006 2007 2008 2009 2010 2011

USD

Bill

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Figure: European Golf Equipments Market by Value (2006-2011)

Table: EU Imports of Golf Equipments by Value & Volume (2006, 2008 & 2010)

2006 2008 2010

Value

Volume

EUROPEAN GOLF INDUSTRY FUTURE OUTLOOK

European economy is once aging facing credit crisis; many banks have cut their growth estimates for 2012 and 2013. The economy showed a continuous decline in the second and third quarter of 2011 and this situation is expected to worsen in 2012. The banks in the UK are not able to provide business loans without any surety of business growth and sufficient funding in the markets.

Falling national income and trade have led the manufacturers of golf equipments to reduce their production estimate for 2012 and 2013.

2006 2007 2008 2009 2010 2011E

USD

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Figure: European Golf Facility operations Direct Revenue Forecast (2011-2016)

The economy is expected to recuperate on recovery phase from third quarter 2012 onwards and with government support will be back on pre crisis growth by 2015. Golf industry in major European countries signal a positive outlook from mid 2013 onwards led by upcoming tournaments and channelized efforts of private golf clubs to recover from losses.

Figure: European Golf Equipments Market Forecast by Value (20011-2016)

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