The DTC Evolution of Golf Retail

Introduction

The golf market is heavily influenced by tradition, with well-established brands and retail channels. Callaway, Titleist, and Taylormade dominate clubs and other technical equipment, while big retailers such as Golf Galaxy, PGA Tour Superstore (PGASS), and pro shops across the country push these products in physical stores, taking the lion's share of consumer golf spending offline. These brands and associated retailers continue to perform well, growing modestly year-over-year. However, the COVID-19 pandemic significantly disrupted the market, driving millions of new golf adopters toward the sport. As a result, Particl has observed some of the demand for golf products shift toward items that are more modern, stylish, and innovative. This has created increased opportunity for new direct-to-consumer (DTC) market entrants who aim to address the needs of "the modern golfer." This consumer is someone who wants apparel that can go from the course to dinner, and accessories that help them stand out during a casual round, but not too loudly.

Market Growth and Shifting Demand

Golf participation surged during the COVID-19 pandemic as consumers sought outdoor activities, with growth sustained longer than many had predicted. Even as pandemic restrictions have eased, participation rates remain high, with new demand coming not only from traditional audiences but also from women and international players. The golf market overall continues to grow at 5-10% annually, providing steady revenue opportunities across product categories.

The number of on-course golf participants has continued to increase markedly since 2020, with its biggest jump in 2023. Much of the uptick has been driven by junior golfers, women, and people of color.

Traditional brands have benefited from this wave of participation, though recent results suggest some softening. Topgolf Callaway Brands (MODG), for instance, has expanded its Topgolf venues, but weaker venue traffic and increased costs have resulted in declining net income despite continued revenue growth​.

Conversely, Acushnet Holdings (GOLF), which owns Titleist and FootJoy, has shown steady performance, maintaining product leadership and loyalty among serious golfers.

Although these established players do not typically disclose online sales in detail, our external analysis suggests they have not experienced substantial growth in e-commerce. Where Particl does track online sales of large retailers, results have been stagnant (i.e., PGA Tour Superstore and Golf Galaxy) or declining (callawayapparel.com).

Moreover, Topgolf Callaway has leveraged its Topgolf locations for increased brick & mortar sales to drive revenue growth, and while Acushnet has indicated its adaptation to digital buying methods for Titleist and Footjoy products, the online vs offline split likely remains steady.

Particl has observed significantly more aggressive growth curves among DTC golf players. While this is not necessarily surprising, the results suggest that many golfers have had unmet needs for golf products for some time, and that newer golfers are more likely to align with contemporary DTC brands.

Opportunities for DTC Entrants

The surge in demand has opened up space for new DTC companies, particularly in areas that traditional brands have not heavily focused on, such as bags, accessories, and apparel. Since the pandemic, Particl has observed the number of DTC golf brands increase drastically. Moreover, sales volume for the top 25 DTC golf brands in the Particl database have increased over 300% YoY between March 2023 and 2024.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

This reflects a new generation of companies focused on innovation and online engagement. Many of these brands are building strong communities through social media platforms like Instagram, which has become a key tool for attracting younger consumers and niche audiences.

Unlike clubs, which require significant capital, technological expertise, and consumer trust to manufacture and market, these new entrants have found opportunities in product areas that emphasize design, style, and individuality. Key segments where they are thriving include understated, high-quality bags, innovative accessories, and apparel that differentiates on the course but can transition to off-course activities easily. These products align with the interests of a younger, more style-conscious golfing audience that wants to stand out without compromising performance or functionality.

Bags

Several DTC brands have made a name for themselves by offering understated, premium golf bags that emphasize both aesthetics and functionality. Vessel, Jones Sports Co, and Pins & Aces lead the way in this segment. These brands have differentiated themselves by offering sleek, minimalist designs with high-end materials, catering to golfers looking for aesthetically pleasing bags without large logos.

Vessel, for example, appeals to consumers who value craftsmanship, offering high-end bags often favored by professional golfers. Vessel combined Q2+3 sales volume increased 35% between 2023 and 2024.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

Their best seller is the Player IV Stand Bag, pictured below.

Similar to Vessel, Jones Sports Co is delivering for golfers who seek a classy, understated bag that comes in attractive colorways. Jones saw a 3x increase in sales volume in November 2023.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

Jones boasts a rustic aesthetic, and its best-seller, the Trouper (pictured below), also offers functional features like a cooler pocket.

Pins & Aces, meanwhile, injects a sense of fun into the segment by incorporating colorful patterns and limited-edition designs, helping golfers express personality on the course. Pins and Aces also offers more customization options. The business has demonstrated impressive growth (~300%) over the last 12 months.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

The Player Preferred Golf Bag is their best-seller, pictured below.

While these golf bag makers have enjoyed strong post-pandemic growth, we may see a plateau in sales in part due to the longer refresh cycles of golf bags and expected slowdown of golf participation rate increases.

Accessories

Accessories represent another area where new DTC brands are excelling. These companies have found creative ways to enhance the golfing experience through innovative tools and thoughtful designs. For example, Ghost Golf has gained popularity with its magnetic towel, a product that has taken off on social media and become a must-have item for many golfers. The magnet on the towel allows someone to easily scoop it off the ground or from their bag, particularly while practicing at the range.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

Sales of the Ghost Golf Magnetic towel saw a nearly 5x increase in volume during the first weeks of August 2024, driven by heavy promotional activity on social media.

Other brands, such as Birdicorn and Pitchfix, have introduced multi-functional tools that streamline aspects of practice and play, like divot repair tools that double as ball markers. The success of these brands reflects a growing appetite for products that enhance convenience and enjoyment on the course, while breaking the ice with your playing partner.

Apparel

In apparel, new DTC brands are blending classic golf aesthetics with modern streetwear influences, creating clothing that resonates with younger golfers and lifestyle-focused consumers.

For example, Malbon Golf has disrupted golf apparel even on the professional scene, combining vintage-inspired designs with contemporary smart-casual elements. Jason Day picked up a sponsorship from Malbon earlier in 2024 and has been wearing their outfits on tour. The brand has also capitalized on collaborations with companies like New Balance (e.g., Heritage Shoes in White/Green pictured below; now sold out), reinforcing its cross-market appeal.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

Malbon demonstrated 50% growth in sales volume in Q2+3 combined between 2023 and 2024.

Another apparel-focused DTC golf company making headlines is Eastside Golf. The brand caters to a more diverse audience, incorporating streetwear influences into its designs. The "swingman" logo has gained acclaim on the golf course and addresses newer adopters' needs for hip apparel. Eastside Golf has already landed notable partnerships with brands like Nike, Jordan, and Mercedez-Benz. Products like the Eastside Golf x Jordan Men's Retro 6 and the Swingman Hoodie have helped the business grow substantially over the last ~18 months. Eastside has demonstrated ~235% growth when comparing Q3 of 2023 and 2024.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl

Eastside sells a variety of tops (e.g., hoodies, crewnecks, letterman jackets, etc) with the Swingman logo on it. This hoodie is part of a trend of younger golfers wearing hooded tops on the golf course - although not every "boomer" is sold.

On the other hand, Bad Birdie has leaned into the traditional golf polo silhouette, but has carved out a niche with its bright, colorful designs. Bad Birdie's offerings meet the needs of golfers looking to stay young and embrace a party atmosphere on the course. Its standard polo that comes in a variety of colors and prints continues to be the best seller, driving over 30% growth when comparing Q2+3 of 2023 and 2024.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl Bad Birdie's polos drive nearly 50% of revenue for the business.

Finally, Good Good Golf has built a loyal following by leveraging YouTube content and creating a community-oriented brand. Their introduction of golf joggers and other casual golfwear has contributed to changing the perception of what is considered acceptable on the course. Good Good's Youtube Channel and social media presence helped the brand deliver a massive BFCM (see chart below), with the Swing Sport Joggers contributing to the success of the business. November 2023 sales volume was 5x the average of all other months available in the Particl database.

Explore Chart on Particl

Particl customers can explore full sales data

Open Particl Good Good's frontman, Garret Clark, is often seen wearing the Swing Sport Joggers on camera

Conclusion

New DTC brands are transforming specific segments of the golf market, particularly in bags, accessories, and apparel, by capitalizing on evolving consumer preferences and sustained growth in participation. These companies have successfully created products that appeal to a younger, more style-conscious audience, while also fostering online communities that drive brand loyalty. However, the market is likely to reach a saturation point in the coming years, as new players solidify their brand loyalties and continued YoY increases in golf participation likely plateau or at least slow down. When that happens, it will become increasingly difficult for new e-commerce entrants to break into the market without significant innovation or differentiation.