Bicycle Sales Are Up Nearly 300 Percent

One business that has been booming lately? Bike shops. With gyms closed in many places and people wanting to get outside and exercise, bike shops have seen a growth of anywhere from 30% to 300%. 

“It’s crazy and was not expected,” said Mike Olson, who owns 13 bike shops in Oregon and California. “We are just seeing lots of new customers ... customers bringing out their cobweb-covered bikes and getting them tuned up.” Olson toldBloomberg Newsthat bike sales were up 30% in April, and have gone up 60% already in May. He said he is trying to hire 40 more employees to meet the demand.

Bikes in the $450 to $1,000 price range are the most popular, according to Urban Cyclery Shop in East Orange, New Jersey. Bikes in that range are almost sold out, and customers are even buying typically unpopular colors like orange and turquoise, and unusual sizes like extra small and extra large, said co-owner Ozzie Hansen. “People are very desperate for bikes,” said Hansen, who said sales in his shop are up 300% compared to a year ago.