Trendy and rich Chinese have turned their eyes on expensive bicycles. While the Chinese bicycle market is estimated by Reuters to grow by 10 percent annually, the high-end segment is forecasted to grow by as much as 15 percent.
China’s new upper class is buying bicycles that cost more than the average citizen makes in three years. While it now is the world’s biggest auto market, the bicycle has become a new status symbol for wealthy and health-conscious executives.
According to Zhou Jiannong, general manager of Rbike Networks Ltd in China, “Demand for mainstream luxury items such as premium cars, watches has come to a point of saturation. High-incoºme groups now turn to high-end bikes to show off the uniqueness in taste and healthy lifestyle