Re Daniel Jones comment, I recall thinking that the most successful clubs "back in the day" actually had the old locations, near business centers, but also then pretty crappy golf courses. Of course, over 30 years, many had remodeled.
When clubs were bigger, it seemed old money stayed at those central courses, and the new, younger whippersnappers or better players sought out some of the newer clubs with longer, more modern golf courses.
BTW, after our club closed here in DFW, I haven't rejoined anything, due to location, but my son did just get one of those junior memberships at Hackberry Creek in Irving, not far from where he lives. Works at Fidelity, got a promotion, played college golf, etc.
So, the club market isn't totally dead to the 20 somethings, just reduced, as it is for the overall market.