One issue that I'm experiencing that isn't talked about much is that not only are initiation fees going up, dues are going up AND the product is getting worse ... in that golf courses are more crowded, takes longer to play, harder to get the tee time you want, range balls getting worse faster, course conditions worse because more people are playing, etc. At one club I'm familiar with, rounds are down about 5% versus last year, but still up over 60% pre-Covid. Meanwhile, initiation fees have more that doubled and monthly dues are almost double since pre-Covid. At some point, I've got to think people will think it's not worth it to pay so much and initiation fees will go down, but I'm not seeing that yet where I'm at.