Was 2024 the peak of the U.S. golf economy? With more than 25 years of experience tracking, analyzing and forecasting trends within the golf industry, I’ve seen many ups and downs. However, none have caused as much self-inflicted harm as the erratic nature of policy changes over the past 60 days, particularly with regard to the Trump Administration’s across-the-board imposition of tariffs on imported products, creating a worldwide trade war. Like much of the U.S. economy, golf was significantly affected by the tech bubble bursting in 2000-2001. From 2003-2006, golf experienced rapid growth fueled by new course openings and an influx of players, many of whom lived near those courses. Easy money and loose lending practices contributed to a thriving real estate market, but as conditions quickly worsened, the Great Recession of 2008-2010 severely impacted demand for golf and nearly all discretionary spending. This crisis led to the closure of hundreds of golf courses and the disappearance of millions of new golfers. The 2011-2019 period w...