Wow, 2024 went by in the blink of an eye, faster than a Di2 shift, how was your year? Ryan, Suzie, and Mark take a look back at our bicycle industry sales results for the year, broader economic conditions that contributed, and where the winners made a difference. Then, a look at the trends heading into 2025 and what we can all expect for bicycle and aftermarket sales. Marketing and, specifically, Google ads, will play a big role for those aiming to grow sales and expand their footprint in 2025. Owning a successful bike shop isn't for the faint of heart but we've got insights, tips, and actionable suggestions to help.

• 2024 market recap
  • Roller coaster year at retail, with unpredictable demand/sales
  • PeopleForBikes says IBD -9% through October
  • S&P Global
    • 2024 - We anticipate a nearly 7% decline in total bicycle unit sales by the end of the year, with an expected total of around 12 million units
• 2024 on Workstand
  • Workstand platform +4% through Oct (mirror PFB)
    • Finished year positive 5%
    • Results driven by high performers in aftermarket and bike sales
    • Over half of bikes sold at discount, discounts averaged -27%
    • Consumers bought nicer bikes so ASP up 14%
  • Unfortunately, the typical dealer on Workstand down 11% for the year
    • Results dropped off in the second half of the year
    • Holiday shopping season especially poor
    • Need to find a way to get more dealers marketing
    • Clear division between those advertising on Google and not
• 2025 expectations
  • Cautiously optimistic for our clients as a whole
    • High expectations for top retailers
    • 17 dealers sold over $1M online last year (top nearly $7M)
    • 150 dealers solve over $100k
    • We can make a big difference in growth 
    • Uncertain aftermarket
    • Service will continue modest gains of about 2%
• What can a dealer do if they want to be a top performer in 2025
  • Identify categories that will generate growth
    • Ex: mid-priced aluminum road, class 2 electric lifestyle bikes, class 3 electric road
    • Build a stocking strategy accordingly
    • Market to stimulate further demand
  • Focus on local market share through Google search and local shopping
  • Lean heavily on selling bikes online locally

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Ryan Atkinson, President + Co-Owner
Mark Still, Business Development

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].