UK following US trend with high-end bicycle boom
Posted on in Cycles News , Outdoor News
Following a report from the US that high-end bikes are experiencing a boom, The Times have taken a look at whether the UK is following suit.
In the US prices for elite bicycles are soaring according to the Wall Street Journal. High-performance materials, such as titanium and carbon fibre, and more advanced components, including electronic gear-shifting systems, drive up costs. The average wholesale price of a bicycle sold at specialty shops, which generate the most dollars in U.S. bike sales, jumped 75% in 2013 from a decade earlier, according to the National Bicycle Dealers Association.
And bicycle enthusiasts, typically wealthier than average and competitive, seem willing to pay for the most advanced bikes available.
Trek offers seven stock models priced at more than $11,000. A growing number of small companies make hand-built bicycles, which can be far more expensive than mass-produced ones.
In the UK a similar trend is emerging with the bicycle becoming a status symbol with state-of-the-art gearing systems and ultra-light frames pushing the price of high-end models up to £17,000 and beyond.
More than three quarters of a million people commute by bicycle each day in Britain, with around three million more cycling in their free time.
Spending on bicycles in Britain is now more than £1.5 billion a year, three times the amount spent on motorcycles, and specialist retailers report a dramatic increase in demand for finely engineered bikes with price tags over £10,000.
A new breed of enthusiasts, boasting glittering, technologically advanced bikes has led to this new trend, now reaching specialist retailers on the high street.
The Moulton Bicycle Company, in Bradford on Avon, which specialises in small-wheeled bikes, now offers its most expensive model, the New Series Double Pylon, at up to £16,500. The bike is hand-crafted in stainless steel and brazed with silver alloys. The gears alone can cost £1,000.
"I see a very close parallel to the world of watches," said Steve Harvey, of Moulton. "You can spend £20 to £200 on a working watch, £2,000 on a special working watch, £20,000 on a show watch and £200,000 on a collectible watch. They'd all function perfectly well and the watch industry has banked on people upgrading.
"I think this is happening in the bicycle world. The one massive benefit is that these fine objects can get you to work, save on fuel bills and leave you with the heart of a 20-year-old."
He added: "A greater number of cycle owners choose to own more bicycles now. There is a trend towards having three or four bicycles or more."
Aston Martin, James Bond's favoured carmaker, released a £25,000 bicycle called the One-77 in 2012. It has a carbon fibre frame, electric gear mechanisms, hydraulic disc brakes and a genuine Aston Martin leather seat.
Gretta Cole, co-owner of Velorution in London, sells bikes from £300 up to £15,000.
"People often want something that is collectible and iconic, engineering-wise," she said. "People want beautiful things just as they would want to buy a Bentley or a Rolls-Royce.
"I'm seeing an increase in people's awareness of what is available and the choice in terms of more quality-build bikes with top-grade components. This market is moving at the speed of light."
With high-end bikes now becoming more fashionable, specialist retailers need to appeal to their customers desire to have the best bike they can afford, whilst realising that for many customers, a bike costing thousands would not be within their budget. This is where Ride it away retail finance can help.
Ride it away helps makes higher-end bikes more affordable for customers by giving them the option to spread the cost - with as a little as 0% APR.
Unlike other schemes in the cycle industry, such as cycle to work where the maximum purchase limit is £1000, with Ride it away your customers have the option to spread the cost of bikes, accessories and clothing up to the value of £15,000.
Give your customers the opportunity to part of the growing trend for higher end bikes - offer Ride it away retail finance today! Click here to find out more or request some information here.