91% OF BIKE RETAILERS REPORT BUSINESS GROWTH IN 2010...
...as a Result of Cycle to Work Scheme One4all Bikes4work Announces New Research Ahead of National Cycle to Work Day
91% of bike retailers reported a growth in business in 2010 as a result of the Government’s Cycle to Work Scheme
In more than a quarter of cases, the retailers experienced a significant growth of between 10-20%
Since the scheme began in January 2009, 68% of those surveyed have increased staff numbers
63% of respondents have renovated or increased the size of their premises
95% of respondents feel that the Cycle to Work scheme has introduced cycling to a new audience
Most popular bike purchase including approved equipment is between €500 - €750
91% of bike retailers reported a growth in business in 2010 as a result of the Government’s Cycle to Work Scheme, according to new research carried out by One4all Bikes4work ahead of National Cycle to Work Day this Wednesday 22nd June.
The research was conducted among 111 bike retailers nationwide, representing almost half of bike shops in the country.
In more than a quarter of cases, the retailers experienced a significant business growth of between 10-20%. Similarly, over 88% of respondents reported an increase in business in 2009, the first year that the scheme was introduced. This trend continues in 2011 with 60% of retailers recording a growth in business to date.
Commenting on the findings, Michael Dawson, Group CEO at the Gift Voucher Shop, which runs the One4all Bikes4work Scheme, said “The Cycle to Work scheme is a hugely innovative initiative which has helped create a renewed culture of cycling in Ireland. As our research shows, it has contributed significantly to a rejuvenated bicycle retail industry resulting in a new wave of dynamic businesses as well as job creation at a time when the country needs it most.”
Since the Government scheme began, 68% of those surveyed have increased staff numbers, comprising both full and part-time employees. The majority of new hires (31%) have been recruited so far in 2011 while 28% were taken on during 2010. Furthermore, 63% of respondents have renovated or increased the size of their premises as a result.
According to over half of bike retailers (53%), the average value of each initial bike purchase through the Cycle to Work scheme, including approved equipment, is between €500- €750. 42% of those surveyed said that customers spend from €750 up to the limit of €1,000. In the majority of cases (41%), customers also spend between €50- €100 on additional equipment each year.
For 95% of respondents, the Cycle to Work Scheme has introduced cycling to a new audience while 94% say the scheme has also resulted in a positive knock-on effect of additional bikes purchased for family members.
In over half of cases (56%), the retailers report that customers cite health benefits as their primary reason for cycling to work, followed by cutting the cost of their commute (23%).
For information on the One4all Bikes4work scheme, visit www.bikes4work.ie