Lightspeed Golf data depicts another year of
growth for the golf industry along with changing preferences from
the younger generation of golfers
MONTREAL, Jan. 25,
2023 /CNW Telbec/ - Lightspeed Commerce Inc. (NYSE:
LSPD) (TSX: LSPD), the one-stop commerce platform for merchants to
simplify, scale and create exceptional customer experiences, today
released a new State of the Golf Industry Report combining unique
golf course sales data with insightful golfer survey data to
provide a detailed analysis of trends from the past year.
Following two years of tremendous demand in the golf industry,
largely attributed to the COVID-19 pandemic, 2022 was expected to
be a year of leveling off for North American golf facilities, as
new and less-serious golfers may have retreated to alternative
recreational hobbies. However, Lightspeed customer data showed an
average same-course increase of 9.6% in rounds played at
North American courses over 2021.
Notable golf industry data from 2023 State of the Golf
Industry Report:
- Regionally, Lightspeed-driven golf courses saw an average,
same-course increase of 11.5% (United
States) and 7.5% (Canada)
in rounds played year over year, with the greatest increases
in traditional golfing hotspots like California and Florida
- Lightspeed's North American courses experienced an 11.4%
increase in total GTV1, spurred by an
impressive 28% increase in food & beverage sales compared
to 20212
- The average transaction size for North American golf courses
using Lightspeed increased by 4.2% in 2022
"Golf courses are continuing to see great momentum in
North America — a sign that the
increase in the sport's popularity over the last few seasons might
be here to stay — and leveraging technology like Lightspeed is key
to ensuring that course operators can provide a first-class
experience for their golfers," said David
Hope, GM, Lightspeed Golf.
The report also details new insights derived from a Lightspeed
survey of more than 500 North American golfers, providing an
in-depth look at current trends related to the game's changing
audience. From preferences for booking tee times and purchasing
merchandise to the most influential aspects of a golf course
experience for building loyalty, the report acts as an important
resource for course operators and club professionals who are
looking to keep up with the evolving trends in the industry.
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1 Key
Performance Indicator. See "Key Performance Indicators"
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2 The
data released today compares the gross transaction volume of North
American golf courses using Lightspeed that were fully operational
for the period of January 1st until December 31st in both calendar
year 2021 and 2022.
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Key insights from North American golfers in 2023 State of the
Golf Industry Report:
- Younger golfers in the 18–34 age cohort are heavily involved
with golf influencers, with 83% of those surveyed saying that
they feel more knowledgeable about the game and are more likely to
visit a golf course after consuming golf content
- Of golfers surveyed, 75% cited "proximity to a golf course"
as the most important factor in determining where they book
their tee time, indicating that golf courses should place a heavy
focus on their local audience
- Value for money (56%), availability of tee times
(51%), and golf course conditioning (51%) were the
most influential factors for driving repeat visits to a course,
according to golfers
"In powering the operations of some of the world's best courses
with our technology, Lightspeed is in a unique position to develop
data-driven insights about the golf industry," said Hope. "By
leveraging and sharing this information, we are able to provide
industry members with a detailed look at the changing dynamics of
the game through multiple lenses."
View the full State of the Golf Industry report here, and visit
Lightspeed's website to learn more about Lightspeed Golf.
About Lightspeed
Powering the businesses that are the backbone of the global
economy, Lightspeed's one-stop commerce platform helps merchants
innovate to simplify, scale and provide exceptional customer
experiences. Our cloud commerce solution transforms and unifies
online and physical operations, multichannel sales, expansion to
new locations, global payments, financial solutions and connection
to supplier networks.
Founded in Montréal, Canada in
2005, Lightspeed is dual-listed on the New York Stock Exchange
(NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams
across North America, Europe and Asia
Pacific, the company serves retail, hospitality and golf
businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
Follow us on social media: LinkedIn, Facebook, Instagram,
YouTube, and Twitter.
Key Performance
Indicators
We monitor the following key performance indicators to help us
evaluate our business, measure our performance, identify trends
affecting our business, formulate business plans and make strategic
decisions. Our key performance indicators may be calculated in a
manner different from similar key performance indicators used by
other companies.
Gross Transaction Volume. "Gross Transaction
Volume" or "GTV" means the total dollar value of
transactions processed through our cloud-based
software-as-a-service platform, excluding amounts processed through
the NuORDER solution, in the period, net of refunds, inclusive of
shipping and handling, duty and value-added taxes. We believe GTV
is an indicator of the success of our customers and the strength of
our platform. GTV does not represent revenue earned by us. We have
excluded amounts processed through the NuORDER solution from our
GTV because they represent business-to-business volume rather than
business-to-consumer volume and we do not currently have a robust
payments solution for business-to-business volume.
Forward-Looking
Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements are statements that are predictive in nature, depend
upon or refer to future events or conditions and are identified by
words such as "will", "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions concerning matters
that are not historical facts. Such statements are based on current
expectations of Lightspeed's management and inherently involve
numerous risks and uncertainties, known and unknown, including
economic factors. A number of risks, uncertainties and other
factors may cause actual results to differ materially from the
forward-looking statements contained in this news release,
including, among other factors, those risk factors identified in
our most recent Management's Discussion and Analysis of Financial
Condition and Results of Operations, under "Risk Factors" in our
most recent Annual Information Form, and in our other filings with
the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission, all of which are available
under our profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. Readers are cautioned to consider these and other
factors carefully when making decisions with respect to
Lightspeed's subordinate voting shares and not to place undue
reliance on forward-looking statements. Forward-looking statements
contained in this news release are not guarantees of future
performance and, while forward-looking statements are based on
certain assumptions that Lightspeed considers reasonable, actual
events and results could differ materially from those expressed or
implied by forward-looking statements made by Lightspeed. Except as
may be expressly required by applicable law, Lightspeed does not
undertake any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Lightspeed Commerce Inc.