Customers want 'quality bikes' says Mintel as average price rises
Posted on in Cycles News
According to Mintel research, Brits are spending more this year compared to last, with the average price of a new bike has rising to £233.
Michael Oliver, senior leisure and media analyst at Mintel said UK buyers are becoming more discerning and on the lookout for quality.
"There is no doubt that Britain's cyclists have become more selective about the quality of bike they are prepared to ride, the average cost of a bike purchased rising in value," Oliver said. "In part this is due to the decline in availability of very cheap - and usually poor quality - bicycles which have flooded the UK market in the past.
However, there is little doubt that consumers buying bicycles in the UK are gradually recognising that one gets what one pays for, and that it is worth spending a little more to get a good quality product."
Despite news we're spending more, the annual report warned that volume sales are declining. Brits bought 3.6 million bikes in 2008; last year that dropped to 3.2 million.
As the number of poor quality bikes declines, many Brits may be put off buying a bike, thinking that they simply can't afford the higher priced cycles that are on the market. So how can retailers appeal this market and take advantage of customer's desire for better quality, but more expensive bike and tackle the declining volume of bike sales? Retail finance could be the answer.
Retail finance is a powerful sales tool for your business, which allows your customers to get the products, clothes and accessories they want without breaking the bank, helping you to increase your sales and maximise customer spend.
With in store point of sale materials you can let customers know that finance is available, giving them a bigger budget than they thought possible. Once they've chosen the bike of their dreams, you can give them the option to purchase on finance with a range of APR's including interest free and interest bearing options available - giving you greater flexibility to appeal to individual customers and their budget.
The average price of a bike in the UK, according to Mintel is £233. With retail finance, the average sale price is over £1000. It's easy to see why retail finance can be the most powerful sales tool for your business.