High Demand for Bikes: Shortage Could Last Several Months

High Demand for Bikes: Shortage Could Last Several Months

One sector of the economy that skyrocketed as the pandemic hit.demand for bikes is nearing all-time highs and if you’re in the market for a new two-wheeler, Ash-Har Quraishi shows you how it may be months before you get one.

ONE TYPE OF BUSINESS SEEING ABOOM THANKS TO COVID-19... BIKESHOPS.IN FACT... DEMAND FOR BICYCLESIS NEARING ALL TIMES HIGHS.AND... AS ASH-HAR QURASHI TELLSUS... IF YOU WANT TO ORDER ONENOW... YOU COULDBICYCLES SEEM TO BE EVERYWHERE.THAT IS UNLESS YOU'RE TRYING TOBUY ONE.NATAT EDGEBROOK CYCLE & SPORT INCHICAGO BIKES HAVE BECOME A HOTCOMMODITY DURING THEPANDEMIC.SOT JIM KIRSTEN OWNER,EDGEBROOK CYCLE 16:21:30 "IT HASBEEN OFF THE CHARTS.

IT'SUNPRECEDENTED."SO MUCH SO, THAT THERE'S ACRITICAL SHORTAGE.SOT JIM KIRSTEN OWNER,EDGEBROOK CYCLE 16:21:36 "WEHAVE ABOUT 10 PERCENT OF OURUSUALINVENTORY AND OUR SERVICE WORKWHICH YOU SEE KIND OFSURROUNDING ME HERE IS ABOUT 300PERCENT WHERE IT NORMALLY IS."IN FACT, BIKE RACKS AT RETAILGIANTS LIKE WAL- MART, TARGETAND DICK'S ARE ALMOST COMPLETELYBARE.ONLINE VENDORS LIKE TORRANCECALIFORNIA- BASED SIXTHREEZEROSAY DEMAND FOR THEIR BIKESHAS JUMPED 800%.

THEY'VE HAD TOTRIPLE THEIR STAFF TO HANDLE THEINCREASED INTERESTGRAPHIC:APRIL SALES FOR TRADITIONALBIKES, INDOOR BIKES, AND OTHERACCESSORIES GREW BY 75% COMPAREDTO THE SAME TIME LAST YEAR.

ANDREACHED $1 BILLION DOLLARS FORTHE FIRSTTIME IN A SINGLE MONTH.SOURCE: THE N.P.D.

GROUPSTAND-UPINDUSTRY EXPERTS SAY COMMUTERSABANDONING PUBLICTRANSPORTATION, GYM CLOSURES ANDBOREDOM HAS CREATED A PERFECTSTORM.TODAY'S BIKE BOOM THEY SAY ISONE NOT SEEN SINCE THE OILCRISIS OF THE EARLY 1970'S.SOT JAY TOWNLEY HUMAN POWEREDSOLUTIONS 00:58 "MID TO LOWPRICE BICYCLES ARE JUST WIPEDOUT ACROSS THE COUNTRY."JAY TOWNLEY IS WITH HUMANPOWERED SOLUTIONS AND SPENT MUCHOF HIS 60-YEARCAREER AT SCHWINN AND ASPRESIDENT OF GIANT BICYCLECOMPANY.

SOT JAY 01:58 "ALONGWITH NEW BIKE SALES BICYCLEREPAIR HAS SKYROCKETED.

THERE ISA LOT OF SHOPS IFYOU CALL AROUND THE SHOPS INYOUR AREA YOU'LL FIND A LOT OFTHEM ARE WEEKS OUT FOR REPAIR."TOWNLEY SAYS THE U.S. BICYCLEMARKET IS IMPORT DEPENDENTWITH MORE THAN 90 PERCENT COMINGFROM CHINA.PUNITIVE TRADE TARIFFS, SUPPLYCHAIN DISRUPTIONS AND LACKLUSTER2019 SALES CAUGHTMANUFACTURERS OFF GUARD ANDFORECASTS DIDN'T PREDICT THEINCREASED DEMANDACCELERATED BY THE PANDEMIC.SOT JAY 10:34 "NOW WE'RE IN APHASE WHERE WE'RE TRYING TO GETTHAT PIPELINE TO REPLENISH TSEINVENTORIES AND THAT'S GOING TOBE EXTREMELY DIFFICULT AS WE GOFORWARD."IT COULD BE LATE FALL BEFORESUPPLY CATCHES UP TO DEMAND.

INTHE MEANTIME BUYING USEDMAY BE THE BEST WAY TO PEDALFORWARD.REPORTING FROM CHICAGO I'MASH-HAR QU