Cycling Plus ran an article a year ago investigating the root causes of rocketing bike prices and availability, focusing specifically on the impact of the Covid19 pandemic and Brexit. The effect on production and supply, combined with the end of tariff-free EU trade, created a perfect fiscal storm.
But where are we today in spring 2023? The winds of seemingly ever-increasing price rises appear to be sweeping over our shores, but recent price drops by Canyon and Specialized may point towards calmer seas. Are these isolated instances, or does it hint at an imminent sell-off of excess stock, as has been predicted by some in the industry? Here, we assess how much bike prices have increased in general since our last report and the reasons behind those rises. We also outline whether there's likely to be a more widespread reduction in prices, and why.
Taiwan concerns
According to the Bicycle Association (BA) - the national trade body for the UK cycling industry - the price of a bike with the same or similar spec has increased quite widely, from around 10% to over 40% depending on the discipline and other factors, between 2019 and 2022. That means a bike that was £1,000 in 2019 could now cost you £1,400. In the US, a 2021 report from Bloomberg said the average amount paid for a bike had risen 27% from the start of that year to March. As well as Brexit and the long-tail effects of the pandemic, new factors have pushed up average bike prices over the period covered by the BA's data.
Here in the UK, Liz Truss's 49-day tenure as prime minister in 2022 severely rocked the boat, leading to an increase in inflation. This weakened the pound, pushing up the cost of importing goods, which hit the UK cycling industry hard. In 2021, brands had already increased prices for UK customers, citing Brexit as a key reason. German brand Rose exited the UK market altogether.
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GANARY A COALMINE
The James Brown tune 'It's a Man's Man's Man's World' comes on the radio, filling the coach, and does nothing for my pre-event nerves as I sit surrounded by serious-looking, wiry, tanned men in Lycra. It's 6.30am, pitch black outside and I'm feeling very out of my depth as a relative newcomer to the world of clipless pedals and hurting for fun. Last night's stress dream involved being very unprepared to get married and being handed my great-grandmother-in-law-to-be's hideous silver dress with lace trim to wear minutes before the ceremony was due to start. I'll let you psychoanalyse that one.
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