Consumers getting on their (brand new) bikes
Almost 5% of UK consumers have bought a bike since the beginning of the coronavirus crisis, encouraged by good weather, a desire to get outdoors to exercise as well as the government’s advice to avoid public transport*, says GlobalData, a leading data and analytics company.
Sofie Willmott, Lead Analyst at GlobalData, comments: “As much of the UK works from home – 51.0% of the working population in early June – consumers have saved on travel costs and many have found themselves with more time to exercise and no gym open to visit, making a new bike an appealing option. The majority of consumers who have bought a bike in the last few months were thinking of buying one anyway with the crisis pushing them into making a purchase, helped by cycling stores remaining open throughout lockdown.”
Well known retailers have benefited from the surge in demand with 21.7% buying their bike from Halfords boosting the retailer’s overall performance, followed by 15.4% purchasing from Evans.
Willmott continues: “Although the bike market will see a spike in demand this year boosted by the lockdown, there is further opportunity for retailers to benefit in the future as current bike owners may choose to upgrade now they have reignited their interest in cycling. In addition, with 72.4% of current home workers expecting to do so more often post-crisis, there will be stark changes to pre-COVID commuting habits with public transport likely to remain unappealing and many consumers turning to bikes for some journeys.”
*Data taken from GlobalData’s survey of 2,000 nationally representative UK consumers conducted in early June 2020.