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1 Nov 2024

Independent retailers across Britain have reacted with dismay to yesterday's Budget, with many warning of store closures, job losses and cancelled expansion plans.

30 Oct 2024

The British Independent Retailers Association (Bira) and the ACT have condemned today's Budget as the most damaging for independent retailers in recent memory, with...

30 Oct 2024

Retailers and hospitality businesses are paying three times their economic share in business rates, according to analysis by the British Retail Consortium (BRC) and UK Hospitality.

30 Oct 2024

eBay is tightening regulations on e-bike and e-bike battery sales in the UK from 31 October, in a change aimed at prioritising consumer safety.

30 Oct 2024

ACT parent company Bira is working with UK Finance and other organisations who form the UK’s wholesale cash industry to gain vital information to ensure businesses get the best possible...

29 Oct 2024

Eighteen organisations, including Cycling UK, Greenpeace, The Centre for Mental Health, and The Association of Directors of Public Health, have urged the Chancellor to allocate 10% of the...

25 Oct 2024

ACT members were in attendance at the hugely successful Bira Conference in London last week, featuring an inspiring line-up of speakers providing valuable insights from independent retail...

24 Oct 2024

Peloton Interactive has strategically launched a rental programme, broadening its market appeal. Traditionally, Peloton’s offerings have been positioned as premium, high-investment...

22 Oct 2024

UK cycling manufacturer Whyte Bikes has announced the closure of its three cycling experience hubs following a major shift in the company’s strategy, which includes supporting independent...

15 Oct 2024

The ACT is launching a campaign to ensure fair and accurate reporting of e-bike-related news while promoting the positive aspects of e-bike usage.

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Recovery incoming? UK bike sales expected to reach £1 billion in 2024.

Posted on in Business News , Cycles News

New data from market research firm Mintel suggests the UK bicycle market could on the road to recovery, with sales of new bikes set to reach almost £1 billion this year.
Mintel forecasts new bicycle sales will climb 12% in 2024, with Britons set to buy 2.1 million bikes.

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Last year, bike sales fell by 11% to an estimated 1.9 million, down 42% from a record high in 2020 of 3.3 million, according to Mintel.

However, 2024 looks set to be more prosperous for the UK bike industry, particularly thanks to the rising popularity of electric bikes.

The cost-of-living crisis has had varying impacts on the cycling industry.

Mintel’s leisure research category director Paul Davies says: “Rising living costs have severely impacted demand for new bikes and ebikes, which had already been suffering due to COVID-19 related supply-side issues.”

Despite the decrease in sales, Mintel says the increased cost of living has also spurred an uptake in cycling. Mintel says 34% of Britons are cycling more than they did a year ago to reduce spending on fuel or public transport.

Mintel says it is only now inflation has begun to ease and there have been signs of wage growth that recovery in demand for new bikes is under way.

Mintel previously revealed electric bike sales accounted for 23% of bicycle sales in the UK in 2020.

Based on a survey of 2,000 people, Mintel predicts electric bikes will be the most popular type of bike cyclists plan to buy in 2024, even if they account for a slightly smaller proportion of the market.
“Nearly a fifth (19%) of those who plan to purchase a bicycle for themselves in the next 12 months plan to buy an ebike,” Mintel says.

Mintel has also found 49% of current and potential cyclists agree they are more likely to buy a second-hand bike than a year ago.

Mintel says the increase in cycling during the Covid-19 pandemic has “done nothing to narrow the long-standing gender imbalance in participation” in cycling, with 41% of men currently cycling compared to 22% of women.

However, there is now notable interest in cycling among women aged 16 to 64 years old. Interest peaks at just over 40% among women under 45 but is also high among 45 to 64 years old at 34%, according to Mintel.

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