In my line of work, we talk often about technology stagnation. We often find that new products hitting the market have only slight improvements from the products offered a short while ago. The market then becomes extremely competitive, prices drop, and growth becomes a thing of the past. The most recent example is the personal computer market. Many people feel today that there is little incentive to by a new computer. I feel the golf industry is very near to a similar rut.
This came to me while playing golf a few weeks ago. All three of the guys in my group had R11 drivers in their hands. R11 is almost three years old and TaylorMade has released so many new drivers since then it begins to spin your head even thinking about it. But for the most part these new drivers were not driving my golfing buddies to ditch the old driver and switch over to the new ones. I asked them why the newer drivers hadn't tickled their fancy. They mentioned the improvements just didn't justify the price tag.