The Cost-of-Cycling Crisis: Why Bike Brands Need to Shift Gears for the Greater Good
From LBBonline.com
We’ve just had a summer of cycling. Worldwide, billions watched the Olympics, the Tour de France, and Tour de France Femmes. Many will be inspired to jump on two wheels and reap cycling’s health benefits. Cycling has increased in England by 46% from 2016 to 2023 (Statistica). If it continues, the UK cycling industry will be worth £1.5 billion by 2028 (Mintel).
Yet, the cycling industry is suffering. UK bike sales slumped to a 39-year low this year (Bicycle Association). Major bike manufacturer Giant reported a 38% loss in profits in the first quarter of 2024. The reasons are complex but, in short, prices have skyrocketed during a cost-of-living crisis. The same bike in 2019 cost you £1,000 in 2019 but £1,400 in 2022, a rise of 26% (Bicycle Association).
Cycling is notoriously expensive and elitist. Brands have prioritised pushing high-end gear to affluent buyers, pricing many out of a sport that should be open to all. BHS Extras recently found that almost half (49%) of Brits can’t afford a bike outright. Bike brands are in danger of losing the next generation of cyclists and this could have a wider knock-on effect; from makers of energy bars, to coffee shops, masseuses, and even the NHS.
Photo by Munbaik Cycling Clothing on Unsplash
