North American golf sponsorship spending to dip in '09 07/09/2009 |
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Spending by North American companies this year on golf sponsorships is expected to drop 3.7 percent as the recession crushed industries that long supported the sport, according to a firm that tracks such data.
U.S. and Canadian-based companies will spend an estimated $1.31 billion in 2009, down from $1.36 billion (833 million pounds) last year, said IEG, a unit of advertising giant WPP.
More than any other sport, with the possible exception of auto racing, golf has suffered over the past year due to the fallout in the auto and financial services sectors, IEG said.
The auto industry experienced slumping demand slump and the bankruptcies of General Motors and Chrysler, while many financial services companies had to be bailed out by the U.S. government and, as a result, face heightened scrutiny of sponsorship and related spending, IEG said.
"Call it the 'big shrimp syndrome.' Many companies are reluctant to sign new deals over concerns about what might be perceived as excessive corporate hospitality," William Chipps, IEG Sponsorship Report's senior editor, said in a statement.
(Source: Reuters)
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