Country clubs, golf resorts and other leisure industries that cater to the rich are still hurting from the 2008 financial crisis, industry watchers say.
"The recession has taken a toll on country clubs and golf clubs," said Tom Corley, founder of the Rich Habits Institute. "Many country clubs and golf clubs were forced to close after the Great Recession as a result of a decline in memberships."
For example, The Churchill Valley Country Club closed in January 2013 and reportedly owes more than $2.8 million in unpaid taxes, mortgage payments and liens. Founded by four friends in 1931, the club once had a peak membership of 1,000.
The property includes a clubhouse, golf course, swimming pool and parking for hundreds of cars.
"For those members who did not have significant net liquid assets, country club membership became a luxury they could not afford after 2008 as their earned income dropped significantly or was entirely lost due to job loss," Corley said.
"The rich watch their money closer than anyone and the losses many of them took in the early days of the recession motivated them to curb their buying habits, reduce their exposure and pay even closer attention to the market," said Steven Siebold, author of How Rich People Think.
Corley's study found that 41 of rich families spend less than $3,000 on annual vacations.
"They are more conservative with their money," Siebold said. "They drive used cars and live in relatively modest homes. When they cut back it’s usually in luxury spending and rarely in their short- or long-term investments."
Private golf club memberships have declined from 2.1 million before the 2008 recession to 1.9 million, according to the National Golf Foundation.
"Fifty percent of those members who cancelled their memberships attributed the reason for leaving as financial, with relocation being the other primary reason" Corley said.
