The nation’s love affair with cycling has boosted SME turnover by 38 per cent in last 5 years
As the Tour de France draws to a grand finish with Chris Froome aiming for victory, Barclays Business Banking reveals how Britain’s love affair with cycling is boosting the UK economy. Not only are Brits spending more on their bike obsession, with turnover of small and medium sized cycling businesses up 38 per cent1, but since the podium success of London 2012 there’s been a surge in Brits taking their passion for cycling up a gear, with the number of cycling clubs, societies and charity events up by nearly 50 per cent.
Research also showed that this love of cycling doesn’t come cheap, with the annual amount spent by cycling enthusiasts totalling almost £3.5 billion2. This means that the average cyclist4 spends £340 on their hobby every year. While more of a one-off investment than an annual purchase, the cost of a new bike averages out at £181 a year, with other top expenses revealed as cycling trips (£173 a year) and bike magazine subscriptions (£92 a year)4.
Other cycling expenses include:
- Bike rack (£92 a year)
- Cycling apps (£91 a year)5
- Cycling club membership (£84 a year)
- Bike accessories (£70 a year)
- Cycling clothes and shoes (£68 a year)
- Helmets (£59 a year)
- Repairs and services (£57 a year)
Mike Hayden, Head of SME Banking for Barclays in South Wales, commented:
“Britain’s clearly a nation of cycling enthusiasts and it’s great to see how the nation’s hobby has boosted small businesses across the country. As more Brits get in the saddle, not only are people spending more at businesses in the cycling industry, but we’ve seen a dramatic increase in the number of clubs and charity events popping up across the country. There’s no doubt that events such as London’s 2012 Olympics have helped to put British cycling on the map in recent years and, as the nation cheers on all the British cyclists competing this summer, it will also bring valuable support and spending for these small businesses.”