Callaway Golf Company (CALY) Goldman Sachs 32nd Annual Global Retailing Conference 2025 summary

Industry trends and consumer behavior

• Golf participation has reached generational highs, with notable growth in female and younger players, and off-course activities now surpassing on-course participation.

• The sport's cultural relevance has increased, attracting a broader, more diverse customer base and shifting perceptions of golf as elitist.

• New venues and off-course experiences are structurally growing the game, making it more accessible and appealing to new entrants.

Product innovation and pricing

• Product innovation remains central, with heavy R&D investment and early adoption of AI in design, supporting leadership in equipment and golf balls.

• The market is more sensitive to innovation than price, with premium products appealing to passionate, upscale consumers.

• Recent tariff increases have prompted comprehensive cost mitigation, including supply chain efficiency, margin programs, and pricing strategies.

Topgolf business performance and strategy

• Growth in new venues has slowed to focus on same-venue sales and cash flow, with long-term market opportunities unchanged.

• Post-pandemic, Topgolf saw a surge in traffic, followed by a reversion; recent value-focused initiatives like Sunday Funday and weekday discounts have driven double-digit traffic growth.

• Corporate event demand remains subdued, but targeted changes such as per-person pricing and digital booking are being implemented.