Back in the 1970s, owning a bicycle like the “Flying Pigeon” or the “Phoenix” (two of the most popular bicycle models at the time) was a synonym of high social status and pride. However, following China’s rapid growth over the years, wages have increased in Chinese have a higher purchasing power than before. Thus, instead of buying bicycles, luxury cars have become more popular and more affordable. Therefore, during a few years, the bicycle industry was in decline, as consumers didn’t want to use bicycles anymore.
However, the Chinese population is now conscious of China’s environmental footprint and pollution. Thus, a lot of Chinese citizens are now more inclined to use bicycles. According to China’s Cycling 2020 Big Data Report, China’s population continues to grow, but the growth rate is slowing. The growth of the population scale has increased the potential user base of the bicycle industry to some extent. The data shows that in 2019, China’s cycling population accounted for only 0.3%, far lower than the 5.0% level in developed countries. This means that China is a little bit far behind other countries, but it also means that the cycling industry has a huge potential for growth.
The COVID-19 pandemic has reshaped industries, business models, and habits. Thus, it has fueled the demand for bicycles in China and has also propelled exports all over the world.
Post time: Sep-09-2021
