According to a survey conducted by The Cycle Show, Brits are continued to spend cash on cycle purchases despite the protracted economic downturn.
The poll, conducted this month on www.cycleshow.co.uk, found that eight out of ten respondents (81 per cent) spent significant amounts on a new bike in the last 18 months or were planning to buy one in the next 18 months.
Just over half (55 per cent) of people said they'd purchased a new bike in the 18 months, 33 per cent of which said they spent between £1-1999, while 25 per cent said they had spent upwards of £2,000.
79 per cent of those planning on purchasing a new bike already own one, with a lighter weight model in mind for their new ride.
The survey also delved into the reasons for buying a new bike (in the last 18 months). 14 per cent said for commuting reasons, while 15 per cent said they were starting to race competitively - or had improved in cycling and wanted an upgrade.
“This survey demonstrates that whilst people are trying to make savings in their everyday lives, the majority of cyclists will continue to invest in the latest bikes, with a lot more serious first-time buyers coming into the market as well," commented Cycle Show director Chris Holman.
“Whether it’s measured by medal count, participation or cash spent on bikes, cycling can no longer be classed as a minority pursuit. Some will be inspired by Britain’s greatest cyclists, including Olympic Gold Medallists Ed Clancy and Joanna Rowsell, who visitors to The Cycle Show will have the opportunity to meet, while others will be commuters looking to take the next step in cycling. Ultimately though, it would appear that despite the recession, cycling is a buoyant market in the UK.”
The survey covered 506 people.
Register for the BikeBiz News Digest at the registration page.