Page 26 - GBC summer English 2025

Compensation & Benefits Report
NGCOA Canada Annual Pulse Report
Monthly Research Reports
NAGA’s Canadian Golf Economic Impact Study
visit ngcoa.ca
The Pulse of the 2025 Golf Season
The first half of this decade has been prosperous for the golf industry. Momentum that began in
2020 has continued 4 years later. Operators are forecasting that the trend will continue in 2025
however economic headwinds in the form of US Tariffs are creating uncertainty amongst both
merchants and consumers.
So where is the golf industry headed in this season? The 2025 NGCOA Canada Pulse Report
presented by Priswing contain the insights to help answer that question and more.
Let’s take a look at the data
REVENUE TRENDS
Revenue 2025 Outlook
Gross Revenue Up 5.4%
Green Fee + Cart Revenue Up 5.3%
Food & Beverage Revenue Up 6.4%
Membership Revenue Up 4.8%
2025 revenue projections remain positive
although the expected pace of growth is more
moderate than in previous years. Operators
forecast a 5.4% increase, suggesting a shift
toward more tempered expectations.
The Public/Semi Private
Average Rate/Round is up 4.8% in 2025.
Operators are expected to see an increase
in overall expenses by 4.9% in 2025.
That represents a moderate slowdown in
expense increases dating back to 2021.
It is important to note that the recent
trade tensions between Canada and the
United States will likely have an impact on
overall expenses.
MACRO ECONOMIC OUTLOOK
US tariffs have clouded the economic out-
look for 2025 and beyond. Projections are
everchanging as tariff strategy unfolds in
the United States. At the time of writing, TD
is forecasting that the Canadian economy
will fall into a shallow recession in 2025.
The recession duration and severity is still
largely unknown. Recessionary impact on
consumers tend to be delayed and may
not have significant effect on golfer spend-
ing in 2025.
EXPENSE TRENDS
Expense 2025 Outlook
Overall Expenses Up 4.9%
Course Maintenance Expenses Up 5.4%
Food & Beverage Expenses Up 3.9%
For more information please contact
Jordan Vizena, Director, Membership & Research
at jvizena@ngcoa.ca or 866-626-4262 ext. 32.
26
Golf Business Canada