A recent study highlights significant barriers to bike ownership in the UK.
- Nearly half of UK consumers cannot afford to purchase a bicycle outright, according to research by BHN Extras.
- The financial strain is causing many to opt for spreading the cost over time due to savings challenges.
- A considerable percentage of the population cites bike costs as a deterrent to cycling to work.
- Despite these barriers, a gradual increase in cycling to work has been observed, indicating potential growth.
Recent findings reveal that 49% of UK consumers find themselves financially unable to purchase a bicycle outright. This insight, uncovered by BHN Extras ahead of Cycle to Work Day 2024, illustrates a significant economic challenge within the UK population. For a quarter of those surveyed, a timeline of at least six months is necessary to accumulate the requisite funds, demonstrating a lengthy process of savings and financial planning.
Many consumers prefer spreading the cost of a bike rather than a one-time purchase. This financial strategy has become necessary for nearly half of the respondents, underscoring the importance of alternative funding methods. The study found that 50% of potential buyers might only consider acquiring a bicycle if allowed to divide the payments.
The cost of bikes and related accessories has emerged as a deterrent, inhibiting 22% of those considering cycling to work from doing so. The financial obligations attached to owning a bike act as substantial barriers, particularly in combination with 22% of potential cyclists explicitly identifying these costs as discouraging factors. Nevertheless, cycling’s popularity is on the rise, evidenced by a 13% increase in participants cycling to work, reaching 32% in 2024.
Fitness and accessibility also serve as deterrents for those hesitant to cycle. While a long commute may dissuade some, 46% cite fitness levels as a barrier. There is an opportunity, however, as 42% believe cycling could adequately cover parts of their daily travel needs. This potential interest highlights the sector’s untapped capacity for growth, should fitness and accessibility issues be addressed.
Employer involvement in encouraging cycling is critical, with 67% of respondents suggesting they would be further inclined to cycle if their employers offered support. The demographic data suggests a skew towards younger individuals, males, and those in Greater London engaging more with cycling. Yet, 58% of cyclists feel they do not align with the ‘typical’ cyclist profile, suggesting an opportunity for broader participation. Adrian Warren of BHN Extras notes the additional benefits individuals discover from cycling, including enhanced mental health, suggesting cycling’s value extends beyond mere transportation.
The study highlights significant financial obstacles to cycling, yet points to untapped potential for its growth in the UK if barriers like cost and accessibility are addressed.
