Bicycling is booming - 15:12 29-08-11Major new report from London School of Economics shows cycling is growing and likely to grow even further in years ahead.
Bicycling is booming, says top economist
Monday, August 22nd 2011 at 12:43am
Major new report from London School of Economics shows cycling is growing and likely to grow even further in years ahead.
A 24-page report on the state of the 'cycling economy' and the prospects for the future has been released via the London School of Economics. The report - 'The British Cycling Economy' - was written by Dr Alexander Grous, a productivity and innovation specialist in the Centre of Economic Performance at LSE. He has an interest in sports and sponsorship economics including how corporate participation in sports can foster social, economic and health benefits. His report was commissioned by Sky and British Cycling.
Dr Grous said: "Cycling in the UK has undergone a renaissance over the past five years, with an increasing number of people taking to the streets of the UK by bike. Structural, economic, social and health factors have caused a ‘shift in the sand’ in the UK, spurring an expansion in the cycling market with indications that this will be a longer-term trend. This growth in cycling participation has had the knock-on effect of bringing economic and social benefits to the UK. In 2010 the result was a gross cycling contribution to the UK economy of £2.9bn."
Dr Grous set out to quantify the economic benefits generated by individual cyclists, taking into account factors including bicycle retail, and employment. He concluded that the 'gross cycling product' was £230 per cyclist, per annum.
"If this trend of growth in cycling participation continues, one million additional 'Regular Cyclists' could contribute £141m to the UK economy by 2013 whilst concurrently reducing absenteeism and improving the individual’s health, providing an incremental economic benefit," said Dr Grous.
For more information visit: http://www.bikebiz.com/news/read/bicycling-is-booming-says-top-economist