Mike,
When was the last time the game attracted a large swath of 30 year olds? The 'Tiger' boom? I am 43 and was knee deep in the game at the time, not having taken up the game until I was 21 (1993). By 97', I recall a bunch of backwards-hat-wearing beer chuggers with metallic thingies on their belts with abhorrent etiquette, swinging for the fences it seemed on nearly every shot. I know new golf courses builds exploded during this time, but I swear after a couple of years, the kids left.
I may be on Pluto here, but at least in the club world, memberships for under 35's are incredibly expensive. I remember when I first joined a club it was largely based on cost-per-round, not the things I look for today. I am assuming, since you write a newsletter, you own or manage a private club? With golfnow, nice publics that used to be $50 are now half that at selected times. Clubs want to attract the elusive family of 4, 35-40 years old, but a guy working with two kids can't get his cost-per-rounds at a decent price because he simply doesn't have the time to play 4 days per week. So should his membership be severely discounted to say $200 vs. a resident/full adult @ $500, so he gets used to paying dues? That seems to be the answer in my neck of the woods on a micro level, but as it relates to the larger issue, I'm shocked by the courses that seem to hang on?
As you pointed out, supply greatly exceeds demand. I have talked to those that 'manage' that through weekly memberships, restricted play at certain times (ala gyms) based on their price point...but attracting younger folks to the game still seems to be an issue? I can't tell you the number of club newsletter I read where the Tennis pro has programs and instruction galore (often a full page), but the golf pro has virtually nothing at 3-4x the price?
Maybe you can shine more light on your own experiences? I think the topic is an important one.