Consumers Buying More E-Bikes As Gas Prices Rise, Square Data Finds
Ever since gas prices started to rise in March of this year, consumers have felt more pain at the pump. Data from commerce technology company Square finds that since then, consumers are turning to electronic modes of transportation to curb the effects of inflation and supply chain, purchasing e-bikes and e-scooters at an increasing rate.
E-transportation is becoming increasingly popular as people look for alternative ways to get around town, which is good news for bike shops and sporting goods retailers. Sales of e-bikes are up 15% this year, while sales of e-scooters are up 4%. E-bikes are up the most in California, increasing by more than 60%.
Square also found that sales of traditional bikes and scooters have increased in certain regions as consumers look for more budget-friendly alternatives.
Scooter sales are up the most in:
- Tennessee (15X)
- Georgia (7X)
- Michigan (5X)
Bikes had the highest increase in:
- Wisconsin (2X)
- Alabama (2X)
- New York (93%)
“We’ve definitely seen an increase in e-bike purchases as more customers see the various benefits from both a lifestyle and money-saving perspective,” said Kenny Mai, Owner of Village Cycles in Lopez Island, WA. “At Village Cycles, we’ve been promoting useful and practical cycling to our customers. So not only can cycling be a great way to get outside, but consumers can easily use e-bikes to run errands like grocery shopping or getting around town so they don’t have to use their cars.”
Safety is also top of mind as sales for helmets has increased 17%. While the majority of consumers are buying e-bikes and e-scooters in-person to test out the merchandise, the number of e-bikes that were purchased online has doubled compared to last year. This shows a continued shift to online as consumers look for convenience and speed when it comes to purchasing.
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Data compares payment transactions within the US between March 1 - June 11 2022 vs March 1 - June 11 2021.