A new report by Luxury Golf Cart Research shows that the business of luxury golf is not doing well, and not in the way the company thinks.
In the report, which examined the value of luxury products in the retail space, the firm found golf carts were a relatively undervalued commodity compared to other items.
“It’s not a hot commodity in the market.
It’s not doing as well as the stock market,” Luxury CEO Peter Csernoz said.”
So it’s not in a good place right now, and the reason for that is we haven’t seen a lot of growth in retail sales of luxury items.”
The report, titled ‘The Real Estate Industry Is Not In Love With Luxury Goods’, said retail sales for luxury goods were down 9.4 per cent to $4.8 billion in the three months to March.
“The biggest decline was in the category of golf carts,” Mr Csennoz said, pointing to the $5.2 billion decline in retail revenue for golf carts.
“Our retail sales fell 3.7 per cent in the last quarter.”
What’s going on with golf carts is they’ve become so valuable in the industry that they’re selling at a loss,” Mr Bajaj said.
Luxury Golf’s report says golf carts are undervalued compared to the value and growth of retail goods.”
This is something that’s been in our research for quite a while,” Mr Pasternak said.”[It’s] a reflection of the fact that people have lost faith in the golf industry and the retail business.
“In terms of retail sales, it was up 9.6 per cent year-on-year in the same period.”
The industry has also seen an increase in competition, with the rise of the mobile game industry and a rising interest in luxury goods.
However, Mr Csiennoz says that luxury golf isn’t the only area of retail being squeezed.
“For a long time, golf has been a very popular sport, particularly for people who don’t have a lot else to do,” he said.
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