Sales of Bike Accessories outstrip sales of Bikes, says Mintel

La Tour de France 2015's champion Chris Froome of Great Britain in yellow jersey, winner for the second time,  with his Sky team mates cycling to victory on the final day on the Champs-Elysees in Paris on July 26th.

Speaking from the experience of a concerned wife whose husband has lately exchanged his own car for a bike as his regular commuting vehicle, I can relate to a new research just released by Mintel, the world market intelligence agency, that for many cycling loving Brits, owning a bike is simply the tip of the iceberg as today’s cyclists are splashing out more on the accessories than bikes themselves.

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As the report reveals, it all starts with the bike, but for some, before very long this will be swiftly followed by skin tight shorts, gloves, sunglasses and a whole host of other must have gadgets.

Indeed, the UK market for bicycle accessories, or ‘PACs’ (which Mintel defines as including bicycle parts, accessories and clothing) was valued at £1.25 billion in 2014, running rings around the £956 million Brits spent on bikes in the same year.

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What’s more, while sales of bikes are set to top the £1 billion mark by the end of this year, Brits will spend an even more impressive £1.35 million on PACs. 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, while the average spend among the 11.85 million cyclists who ride once a month or more often will reach a wheel spinning £106.

While MAMILs – middle-aged men in Lycra – still rule the roads, there are an increasing number of women now taking to the saddle. Overall, over a third (36%) of Brits ride a bicycle rising to four in ten males (41%), compared to 31% of females, but the number of women taking to two wheels is gaining speed. In 2014, just over a quarter (26%) of women were cyclists. Meanwhile, one in twenty (5%) Brits ride every day, a fifth (21%) mainly cycle at the weekend and some 13% cycle to their place of education or workplace most days.

Michael Oliver, Senior Leisure and Media Analyst at Mintel, said:
“Cycling is no longer regarded simply as a cheap means of transport, a bicycle is now regarded as a lifestyle accessory, an expression of an individual in the same way as driving a premium sports car or belonging to a golf club. This is positive news for accessory suppliers, because it means that many of their potential customers are not buying on price alone, instead brand, quality and product features are also key factors influencing purchase. Ahead, the prospects for the market look extremely positive, given the expected easing of pressure on household incomes and the expectation of further growth in cycling participation levels.”

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Amongst current cyclists, lights (27%) and locks (26%) are the most popular bicycle accessory to have been bought in the past year. These are followed by puncture repair kits (23%), water bottles (22%) and spanner or multi-tools (13%). While more specialist accessories such as cycle computers and GPS’s were purchased by one in ten (11%) cyclists, this rose to a fifth (21%) of frequent cyclists who ride most days or at least 2-3 days per week. The same was true of action or helmet cameras which were purchased by 8% of all cyclists, but twice as many (16%) frequent cyclists.

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%) and cycling longs or leggings (13%). Again, purchase rises considerably amongst most frequent cyclists with almost twice as many of these cyclists buying cycling shoes (25%) and cycling gloves (33%).