Cycling industry set for ‘long term health’
30/09/2021
This rate of growth is lower than during 2020, but sustaining that level of growth would have impossible, he said, as supply would not have been able to keep up.
He added: “During the pandemic, we saw a surge in consumers purchasing goods to be active, outdoors, and socially connected. Essentially, consumers are adopting behaviours that will stick for the long haul and these behavioural changes bode well for cycling.
“I take the continued growth in cycling as a strong indication of an industry poised for long-term health.”
The bicycles category is currently a $5.3 billion business, up 65% in the 12 months ending July 2021 compared with two years ago; bike accessories accounted for $903 million in revenue and grew 36%; parts reached $1.1 billion, up 31%; and helmets, shoes, and gloves hit $445 million, an increase of 20% compared with 2019 levels.
However, Mr Sorenson cautioned the industry could squander the “once in a generation” opportunity for continued growth if stores did not hire and train staff. “In my experience speaking with retailers, many cite hiring mechanics and floor staff to be as much of a challenge as obtaining product for sale in 2021. How the industry addresses staff shortages may in fact be the bigger influence on long-term growth. Consumers are seeking expertise right now — along with answers to their questions — as much as they are seeking product.”
Image: Unsplash
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