Greg Nathan of the National Golf Foundation speaks on the state of the golf industry in 2025 at the University of Georgia.
Greg Nathan was promoted to president and CEO of the National Golf Foundation in 2024, but to those who know him best, he will always be the mayor of Crazy Town.
It’s a self-proclaimed title that stuck with him during his years working at Golf magazine when he admitted to his colleagues that he was as obsessed with golf as anyone in the business. A golf architecture enthusiast at heart, he’ll probably give you a red Solo Cup golf team, a friendly reminder that this game was supposed to be fun. (It was particularly amusing the day he made a par 4 in front of Bill Murray, which Golf Week wrote about here.) Nathan, a graduate of Lehigh University, joined NGF in 2007 and works closely with CEOs and management teams of companies across industries.
Given the NGF’s role as the Switzerland of the golf industry, the PGA Merchandise Show seemed like the perfect time to chat with Nathan about a number of golf industry topics and get an idea of what we can expect for the industry in 2025.
GN: Make Joe Beditz proud. Joe deserves legendary status in the industry for essentially inventing the framework used to report the golf industry’s vital signs…and for running the NGF for 40 years. On a personal level, he was an incredible mentor and friend…and working alongside him for 18 years prepared me for the job at a level for which I will be forever grateful. Since JB (still my boss as executive chairman) is happy with the work I’m doing, I have to do a lot of things right and in the right way.
GN: I’m going to break the rules and give you two. First of all, I would like everyone to know how much we care about the people and businesses that work in this industry. We are inspired to do our best. My second is the recognition that the strategic, data-driven thinking and insightful golf advisory work we do for our members and partners is on par (dare I say, even superior in some respects) to the level of a “Big 3” consulting firm. …just a lot cheaper.
GN: Most indicators on our dashboard suggest that this high level of activity across generations is sustainable (regardless of a severe economic downturn or a geopolitical event that would harm all forms of leisure, especially paid types of games). Regardless of what people suggest about the future of golf off the course (Topgolf, gamified/technological courses and simulators), golf itself is not a fad. The intrinsic appeals and benefits of golf are not going out of style anytime soon and the pandemic has reminded people of the social, outdoor, exercise and other rewarding aspects of participating in the game. Golf has surprised so many people by becoming “cool”, and our customer research does not show that this is changing in the short term.
Greg Nathan of the National Golf Foundation speaks at the NGF Annual Business Summit.
GN: NGF surveys of course operators indicate that around 60% of public courses are at or near capacity, meaning increased activity would have a negative effect on their business, and almost three-quarters of private clubs say the same. So there is some margin, but not tons, on the starting sheet. We probably won’t see much new course construction in metropolitan areas because land is very expensive and construction costs prohibitive. However, golf in America isn’t just upscale and in cities…so the positives and business opportunities may be more available outside of the more densely populated areas.
GN: There is no doubt that professional golf and great personalities are great promoters of the recreational game. However, people don’t become long-term participants in the game through heroes. They might try it because of Tiger or Rory or Nelly or Steph Curry but they get hooked and keep playing because they enjoy the game itself. The most unfortunate aspect of this divide is the dilution of golf’s most important entertainment product. Every fan wants to see the best players compete on the biggest stages to win the richest and most prestigious titles. When the media narrative about professional golf is negative and focuses heavily on their wealth, the heroes become less identifiable. I’m confident we’ll finish in a good position, but as they say, it’s complicated.
GN: Golf’s main consumer goods, green fees and golf balls, have seen price increases in line with inflation. We’ve noticed that other golf-related products/expenses, like private club membership/dues and premium drivers, are outpacing inflation…but if golfers’ price elasticity was fragile, companies and smart industrial sectors would adapt. Supply and demand have a way of working things out. I will say that the return of pricing power to golf courses (the ability to raise green fees and get them!) has been great for those who own and operate golf courses…and this industry has experienced lots of difficulties due to oversupply, labor issues and more. expenses. In my opinion, courses have improved so much in terms of yield management that they would be the first to adapt if golfers were not paying higher fees.
NGF’s Greg Nathan (left) and GCSAA CEO Rhett Evans on the 15th hole at Cypress Point.
I don’t think there is a sport or activity on the planet that wouldn’t give its left little finger (if a sport had a little finger) for our multiple on-ramps to attract millions of customers/prospects for the main product. People swinging a real club at a real ball with the ability to feel the euphoria of the shot is now the hook for a positively growing critical mass of future golfers on the course. Off-course forms of play have thrived because they are more accessible and less intimidating forms of golf, and green turf operators are seeing the appeal and learning from it. Regarding Topgolf, my personal opinion (not NGF’s) is that Wall St. may have overreacted to the negative same-store results that have been so widely reported. I’m not an authority on facility economics, profitability, etc., but I suspect that this downward same-store metric doesn’t tell the whole story. There remains “white space” for future site growth. I also think it’s possible that analysts are underestimating the parent company’s abilities to improve Topgolf’s traction and improve the customer experience.
GN: Surprising many of us in the industry, golf has definitely become “cooler.” The growth of engagement in alternative golf recreation has had a significant impact since these environments are focused on entertainment, gaming and dining. Social media appears to have toppled golf’s so-called pyramid of influence. Our consumer research has shown that non-golfers who golf on social media use much more positive words to describe golf and golfers than they did, say, ten years ago. Off-course golf and social media are lighter and not weighed down by the golf orthodoxies that often keep novices from being part of the on-course franchise.
GN: Every time I have the opportunity to speak to an audience and stand at the top of my podium, I talk about radical hospitality. Golf falls under the hospitality industry and at many courses and retail stores the experience often suffers from being too transactional. There are two audiences that I think about a lot. First, we have those already engaged in the game (“in the franchise”) who have a natural desire to feel appreciated but do not need much attention or help from staff. They represent 85 percent of tours and expenses. They know where to go and what to do. They are comfortable in the environment and with other golfers.
However, we have over 10 million players who have tried golf in the last five years and have not felt comfortable and have not had enough enjoyment to continue playing. They need a higher level of service and guidance. They need an approach that is much more personal, welcoming and makes them feel wanted. How can courses identify clients in the second group more quickly?
GN: This is a multi-layered problem, like a golf ball – see how I did that? We have studied this privately for different stakeholders. NGF works closely with OEMs and the USGA and R&A are highly valued partners. Rule-making bodies are rarely admired or appreciated for fulfilling their responsibilities to the game they govern. Ball manufacturers are already challenged to innovate “in a box.” We are living in such an incredible time in the recreational golf world and I certainly don’t want to see anything derail the positive trend we are on. I cover myself thoroughly… I love my job and I would like to keep it!
