The average price of golf club memberships in the Kanto area fell to ¥3.05 million in August, declining for the first time in 6 months. The decline appears to have been driven by the impact of summer holidays and efforts to curb market overheating.
The average price in August, compiled by the Kanto Golf Membership Trading Business Cooperative Association (Chiyoda, Tokyo), fell 0.07% from the previous month to ¥3.05 million across 150 major courses, marking the first decline in 6 months. The background included a lull in entertainment demand associated with the appointment of newly appointed executives, as well as the impact of summer holidays. The data obtained shows the overall trend for August.
Corporate purchases of memberships have driven the market since June, with demand swelling during the period when many companies with fiscal years ending in March hold their shareholder meetings. Trading tends to slow in August because of the impact of summer holidays, while efforts to curb market overheating have intensified.
There have been periods in the past when strong demand for high-priced memberships supported recent gains, but trading was restrained overall in August, leading to a decline in average prices. Market participants have indicated that they will continue to monitor developments.
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