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Kiwis are putting the brakes on bike purchases, according to Newsroom.
The decline in bicycle sales could spell trouble for New Zealand’s efforts to reduce carbon emissions and may further put into question the substantial investment in cycle lanes by the Central Government and local councils.
The challenges facing New Zealand’s bicycle market were laid bare in the latest financial disclosures from Torpedo 7, a subsidiary of the Warehouse Group.
The company reported a staggering operating loss of $22.2 million for the fiscal year 2023.
Torpedo 7, which derives over a third of its revenue from bicycle sales, cited “significant upheaval” in the market.
However, despite the global drop in bike sales, Kiwi cycling advocates argue that the current market conditions may not accurately reflect the nation’s cycling habits.
The cycling advocates suggest that the dip in sales doesn’t necessarily translate to fewer Kiwis riding bikes.
Source
- Newsroom (Subscription required.)
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