With consumers cutting back on all sorts of extras during this recession, including high-priced hobbies, perhaps it’s not surprising that American Express Publishing’s Travel + Leisure Golf has become the latest magazine to fold.

The company said yesterday that the 11-year-old magazine will shut down after seeing ad pages decline nearly 14 percent in 2008, from 508.21 to 437.81, according to the Publishers Information Bureau.

During fourth quarter, the numbers were even more dire, with ad pages falling 54.2 percent, from 159.92 to 73.21. T+L Golf had also seen steep circulation declines during the second half of last year, as consumers cut back on both newsstand purchases and subscriptions during the economic pinch.

“While the award-winning editorial product has enjoyed a loyal and passionate following, the current advertising climate has severely impacted the magazine's bottom line to where the short-term and mid-term prospects for the magazine are not viable,” president and CEO Ed Kelly said in a statement.

The final issue will be the March/April edition. The magazine employed 18 people, most of whom will be laid off, though AmEx Publishing will try to place some in other positions.

T+L Golf is the second golf publication to fold in the past year, following Condé Nast’s Golf for Women last summer. Though many other magazines have also shut down over this time, those following leisure pursuits seem particularly vulnerable, with consumers putting less and less money toward these pursuits as the economy weakens.

In fact, the National Golf Federation reports that memberships at golf clubs across the country are down 29 percent.