South Koreans in their 20s and 30s are ditching golf in favor of hiking amid high inflation, allowing the growth of outdoor gear revenue to outpace that of golf since September.
Hyundai Department Store’s outdoor gear revenue generated by those in their 20s and 30s grew 69.9 percent on-year in September and October, while golf gear revenue only grew by 28.9 percent.
Shinsegae Department Store’s outdoor gear revenue grew 14.1 percent compared to the 11.6 percent in golf equipment revenue.
However, Lotte Department Store saw their age group’s golf revenue jump by just 10 percent during the period, way behind the 25 percent increase in outdoor gear revenue.
Industry experts noted that outdoor brand sales tend to increase during economic hardships.
