I recently came across an article complied by a PHD for the National Golf Foundation. It compared the number of golf balls and golf clubs shipped before, during and after the recessions in the past. This article was very concise, using graphs to explain the findings.
The report concluded that while golf is not completely unaffected by a recession, it is usually one of the last industries to be affected on the downside, and one of the first to recover at the end of a recession. To get more information, copy and paste the link below to see the article/ presentation.
http://www.cmaa.org/uploadedFiles/For_Members/Economy/Golf%20Business%20During%20Recession.pdf
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