The analysis method includes steps of acquiring measurement data obtained from swings and values of hitting results (flight distance or the like) (STEP 3); calculating a characteristic value (face angle or the like) from the measurement data (STEP 4); and determining an indicator for selecting a shaft of a golf club from the characteristic value and the values of hitting results (STEP 5). In the step of determining an indicator, when a hitting result of a golf club is an objective variable, and the characteristic value is an explanatory variable together with a predetermined shaft physical property (flex point or the like), and has a statistically significant relation with the hitting result, the characteristic value is determined as the indicator. A relational expression of the indicator and the hitting result is calculated for each value of the physical properties.