Cyclist enthusiasts provide a boost to SMEs
As Chris Froome aims for victory in the grand finale of the Tour de France this weekend, it appears ‘VA-VA Froome fever’ is driving up sales for SMEs.
Britain’s obsession with cycling has seen the turnover of small and medium sized cycling businesses increase by 38 per cent in the last 5 years.
Research from Barclays shows that since the podium success of London 2012 Brits are taking their passion for all things on two wheels up a gear with the annual amount spent by cycling enthusiast totally almost £3.5bn.
Cycling clubs, societies and charity events are also up by nearly 50 per cent and all this is boosting the economy the bank says.
Ian Rand, CEO of Barclays Business Banking, 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.”
According to the research the average cyclist spends £340 on their hobby every year and this includes cycling trips (£173 a year), Repairs and services (£57) and bike magazine subscriptions (£92 a year).