Masters Week – Incredible Finish, But How About All Those Umbrellas!
Another Masters finished. Another one for the record books. Congratulations Adam Scott!! And thank you to everyone who helped put on this event.
Since this is a blog about money I need to talk about money.
To Adam Scott – your life will never be the same. You will put a few extra bucks in your pocket. But everyone knows that.
Let’s talk about something important – umbrellas.
It rained yesterday during the last hours of play. So raingear and umbrellas were essential for players and spectators alike.
I watched from the comfort of my home – not that I wanted to. I would have been there if I had a ticket.
While watching, while dry , I could not help but notice:
- Most of the spectators did not bring raingear or an umbrella.
- Hundreds of people apparently had bought licensed Masters umbrellas at the gift shop.
- Lots of people who spent a lot of money on tickets could not see anything because of all the umbrellas.
- Such is life . . .
The official Augusta National website states that up to 35,000 people attend play each day of the tournament. I’m assuming that there were at least that many people at the course yesterday. I’ll bet that many of those folks either didn’t bother with raingear, bought gear in town, or toted their own from home.
Let’s do some math.
- A friend said he paid $45.00 for an official umbrella at the National Gift Shop. ($45 to $55 depending on style. They are much more on the secondary market – average $100.00).
- To make this easy, let’s say each umbrella cost $50.00.
- Standard retail markup is about 50% (I don’t know what it is at the National. I bet it is more.)
- If only 5 percent of the spectators bought an umbrella yesterday, that’s 1,750 umbrellas (It looked like a lot more than 5 percent on television. Some holes looked like everyone had one.)
- 1,750 umbrellas at $50 each is $87,500.
- Assuming a 50% markup, this means the Gift Shop made about $43,750 (clear profit) just on umbrellas yesterday!
Nice job Adam, but I think the “easy” money is in selling golf gear . . .
It’s amazing how little we think about money at events like this. Carry this over to concerts, other major sporting events, and so on. The leisure industry is very big business. And they thank us for our unconscious spending . . . all the way to the bank.
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