The annual Masters Tournament has golf fans flocking to Augusta, Georgia, providing a lift to the local economy from a concentration of spending. Golf isn’t just a sporting event but an economic one, too.

Eventful Economy: An economic hole in one

The ‘Eventful Economy,’ Mastercard Economic Institute’s assessment of the economic impact of meaningful events in the world – ranging from concerts to sports – continues.

On April 11-14, thousands of golf fans will descend on Augusta, Georgia to see the annual Masters Tournament, where the best golfers across the globe compete at the Augusta National Golf Club for the chance to win one of the most coveted prizes in golf.

The Masters provides some of golf’s greatest moments and economic excitement to the city of Augusta. Because the tournament is held in a small metro area, receives international fanfare and lasts a defined number of days, it presents a great opportunity to measure the economic impact. We therefore deploy our synthetic control methodology to derive our estimate of the incremental boost in spending due to the tournament. It turns out that golf tournaments are not just sporting events, but also economic ones.

Swinging off the green

The Masters provides a significant boost to the local economy of Augusta around the time of the event. The fanfare that fills the grounds every year results in a concentration of spending.

  • The largest boost in spending was in hotels and restaurants, similar to other concerts and events studied in our Eventful Economy blog series. In the 2023 Masters, we started to see a boost to the spending trend five days prior to the tournament until the day after it finished. The peak boost was on day one of the tournament.
  • At the peak – on day one of the Masters – we found a shotgun start for the local economy with a boost of 85% to the level of spending. On aggregate, over the 10 days where the impact was evident, we saw an average gain of 53%.
  • Looking back at 2022 and 2018 (removing the COVID period), we find that the impact has increased over time. The average lift in 2023 was 1.2 times that in 2022 and 2.3 times that in 2018. Of course, there are a variety of factors in play, especially relative to 2018, including a rise in the popularity of golf during COVID and the gain in inflation, particularly in experiences, over the last year.

We think this is a good indication of what's in store for the tournament this year. Golf’s superstars like Scottie Scheffler and Jon Rahm are ready to compete with Rory Mcllroy, who’s seeking a career grand slam for the 10th time. Augusta, get ready!


(Shaded area denotes the four-day tournament)

Bird(ie)watching

The Masters attracts a global spectator gallery that watches patiently for the next great shot in the tournament’s history. Could anyone equal Jack Nicklaus’ iconic 1986 tee shot that nearly went into the hole and wound up winning him his sixth Green Jacket? Spectators are eager to find out. Focusing on 2023, we find the following:

  • Examining cross-border spending on hotels and restaurants in Augusta, we find that 5% of spending was from tourists during the 2023 tournament period (April 1-11) vs. 1% during typical times.
  • This translates to a gain from tourists during the tournament period of over 600% relative to the synthetic control. But, of course, this is a 600% gain from typically low levels of spending from abroad.
  • The top countries that golf fans travel from are the UK, Canada, Australia and Singapore.
  • We also observe travelers from within the US. During normal times, inter-state tourists (outside of Georgia) make up 26% of hotel and restaurant spending; during the Masters, that share jumps to 46% (comparing spend share on 1-11th April, vs the rest of 2023). At the top of the list is South Carolina followed by Texas and Florida – dominated by the Southern states. But there are still visitors from California and New York, which rank in the top 10.

(Shaded area denotes the four-day tournament)

Biggest Golf Fans
The 19th hole

It turns out that golf tournaments, particularly the Masters, are economic events. The local economy benefits with support for local restaurants and hotels as visitors arrive eager to witness golf history. While it is well understood that foot traffic and travel increase during the tournament, we were able to hit it closer to the pin by quantifying the economic boost using unique insights from the Mastercard Economics Institute. The sports economy is not one to be underestimated.

References to the Masters, players included such as Scottie Scheffler, Rory Mcilroy and Jon Rahm, in this report are not intended to suggest an endorsement, sponsorship or affiliation with Mastercard.


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About the Mastercard Economics Institute

Mastercard Economics Institute launched in 2020 to analyze macroeconomic trends through the lens of the consumer. A team of economists, analysts and data scientists draws on Mastercard insights - including Mastercard SpendingPulse™ - and third-party data to deliver regular reporting on economic issues for key customers, partners and policymakers.

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