Another data point that hasn't been mentioned is just how many people "working from home" were in fact "working from the golf course." On multiple occasions last spring and fall I saw more high school and college age kids on the course at 2 p.m. than any other demographic. Learning via Zoom was a joke. Our next door neighbor was a teacher (left to sell real estate in this crazy housing market) and she said the last month of the school year she was averaging 5 kids on camera. Multiply that by millions of kids, and some of them were out playing golf. Same at the college level.
I also talked to a friend who belongs to a local country club and he told me he knew personally of two people who lost their jobs due to being found playing golf rather than working from home. Tens of thousands of examples of that is a big reason why courses were flooded last year, but not as much this year. People are back in school, or will be this fall. Not everyone will be back in the office, but, for example, airline pilots and flight attendants and teachers certainly will be when they weren't last year. The demand will lessen somewhat but will not revert back to pre-Covid levels since there are a lot who will continue to work from home. Some will be full-time, and some hybrid, but either way a lot more chances to be on the course than just 2 years ago. And there will certainly be some stickiness with the extra couple of million who took up the game and will continue to play.
I'll add an additional question to the thread and one I've posited to fellow golfers in the past: What happens at the many private clubs that were operating ok, on the margins, with, let's say, 300-350 members. In 2019, that would describe the majority in this country at a typical country club, not a high end Congressional or Champions, but your typical country club. Members could get a tee time most of the time when they wanted. Saturday mornings were a challenge but most any other time was no problem. NOW, however, that same club has maxed out at 400, or 450, or whatever its cap is. Tee times are scarce at the club level., not just public courses What is the pushback going to be, and in some places already is, from the long-standing members who now have upwards of 50% more golfers to compete with for tee times, dinner reservations, etc.?