No need to watch it. The down turn (imo) is directly related to the cost of play, cost of equipment, cost of instruction, and the various other costs of operating a golf course. In other words people today are watching their money more closely, and golf has fallen down the list of an affordable past time for quite a few folks. With the drought in the southwest being as bad as it is, and water conservation being what it is, and will be, golf course maintenance is going to rise exponentially with the dry weather.
Plus, let's not forget there are still a lot of folks out of work who probably use to golf on a weekly or bi-monthly basis. Quite a few of those who went back to work, may be working at a lower paying job that does not allow them to afford to golf anymore.
With fewer folks golfing, those of us who can still afford to golf will eventually see our green fees rise. Some who can now just barely afford to golf, might have to give up the game in the not so far off future to have money for other things.
I golf at some pretty nice golf courses where 18 holes with a cart are under $50 a round. Those same courses 10 years ago were under $40 for 18 holes. I can play at a real nice course for $28.00 a round if I want to drive 65 miles. (130 RT) At $3.89 a gallon for gas that's another $20.00 I need to add into the mix. I also can still treat myself to more expensive courses when ever I get a hankering to do so too. However, regardless of the 18 hole price, I always seem to play to the same score. At $0.50 a stroke, or $3.65 a stroke, it does not take much brain matter to figure out the economics of the game, and it's impact on my pocket book.