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The golf industry has grown to a $22 billion dollar industry. According to a recent study jointly conducted by the National Golf Foundation and McKinsey & Company consumer spending on golf has more than doubled over the past 10 years. Also in their findings, the overall growth in the industry over the past 11 years is estimated to be 7.5% CAGR (compound annual growth rate) as measured by spending on equipment, fees, and apparel. Growth has come from a mix of favorable population trends, increasing participation, and increased annual spending per golfer. Golf has grown faster than motion pictures, financial services, and hospitality, all of which generally are thought to be fast growing industries.

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