Smart Players Shoot for Golf Getaways

Golf's popularity has a lot in common with Tiger Woods' career. After an unstoppable run of success, both have slumped toward normalcy, but while Woods has been left to tinker with backswings and new drivers -- golf courses are slashing prices.

In the 1980s, during golf's peak, nearly 27 million Americans considered themselves golfers, a staggering 10% of the U.S. population. After leveling off in the 1990s, over the last two years, the number of golfers has fallen 6%, according to the Golf Research Group. At the same time, the industry has added 4,100 courses over the last 15 years -- more than one new course every other day -- using them as centerpieces in new housing developments and as tourist attractions.

"In terms of supply and demand, you've got the biggest increase in supply ever seen and quite the rapid drop in popularity, so at large number of courses, they've seen a drop in play," said Colin Hegarty, president of the Golf Research Group. "And so, the courses get nervous and start discounting their greens fees. Then, everyone starts discounting." ...