As consumers want to consume less and make better choices when they purchase items, we’ve seen a boom for many products in the second-hand market. Halfords has revealed plans to sell second-hand bicycles in a bid to enter this increasingly lucrative market. The retailer will offer customers up to £250 for their unwanted bicycles as it has estimated there are currently 7 million unused bicycles going to waste in sheds and garages.
Profits were up by 184% to £64.5 million driven mainly by sales in the cycling category, up 54% on a like-for-like basis, with sales of e-bikes and electric scooters almost doubling. In 2021, the company spent £7.5m on advertising and invested £3m in TV compared to an overall budget of £2.5m in 2020 with no TV spend. This year we will see Halfords looking to create a lot of awareness for their new initiative.
Graham Stapleton, Halfords chief executive, said: “With demand for bikes so high, well-publicised supply chain constraints, and a cost-of-living crisis on the horizon, it can’t be right that so many perfectly good bicycles are being left to gather dust in sheds and garages.”
This could be a new opportunity for you as the retailer hasn’t called a major agency review since 2017.