Sales of accessories continue to outstrip sales of bikes
Posted on in Cycles News
The UK market for bicycle accessories was valued at £1.25 billion in 2014, compared to the £956 million spent on bikes in the same year.
New research from Mintel finds that for many cyclists in the UK, the amount spent on accessories per year is fast overtaking the amount spent on bikes themselves.
While sales of bikes are set to top the £1 billion mark by the end of this year, Brits will spend an impressive £1.35 billion on PACs (parts, accessories and clothing). Over the past five years, sales of PACs have outstripped that of the bicycles market, increasing 28% between 2010 and 2014. Meanwhile, bicycle sales have increased 23% over the same five year period.
This year, the average spend on PACs among all 15.8 million cyclists is set to reach £79.
Amongst current cyclists the most popular bicycle accessories are:
- lights (27%)
- locks (26%)
- puncture repair kits (23%)
- water bottles (22%)
- spanner or multi-tools (13%)
- cycle computers and GPS's (11%)
- action or helmet cameras (8%)
In terms of clothing, the top five purchases amongst current cyclists are:
- cycling helmets (22%)
- hi-vis jackets (18%)
- cycling gloves (18%)
- cycling shoes (13%)
- cycling longs or leggings (13%)
In terms of parts, the top five purchases for current riders are:
- inner tubes (32%)
- tyres (30%)
- brake blocks (19%)
- chains (21%)
- saddles (15%)
Around a quarter (26%) of those who have bought PACs in the past year say they mostly buy them from a physical store, while one in five (18%) say they mostly buy online.
With accessories becoming more important to the cyclist, product bundling and encouraging add-on items when buying a bike will ensure your customer leaves the shop with everything they need.
Once the customer has selected their bike, adding on a lock, clothing, or safety gear should be an easy sell. But how can you sell additional products when the customer has exhausted their budget on the best bike they can afford?
If a customer doesn't have the budget for buying all their gear in one go, then introducing retail finance could make the difference - it is a proven tool for encouraging upselling and add-on products.
Finance bridges the gap between what customers think they can afford to pay for in one lump sum and what they really want.
By spreading the cost, higher quality items become affordable and additional products can be added to the transaction for only a few extra pounds per month. What sounds more accessible; this bike for £1200 or this bike, helmet, lock and clothing for just £35 a month?
To find out more about offering retail finance, click here or contact us today to find out how you can make the most of finance.