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 cent, 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 billion. This means that the average cyclist 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).
Other cycling expenses include:
- Bike rack (£92 a year)
- Cycling apps (£91 a year)
- 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)
