Classifieds marketplace Carousell saw an increasing sales of bicycles since the fourth quarter of 2020. A total of 63,345 bicycles were bought in Hong Kong, Malaysia, and Singapore.
Total searches for bicycles in Hong Kong, Malaysia, and Singapore increased by 1.6 times to 18.5 million in 2020. Malaysia makes over 160,000 searches a month, whereas Singapore sees the most interest at over 1 million searches.
The trend started as the COVID-19 pandemic spread across the globe in 2020, when demand for fitness items started to spike and hit a new peak in August 2020. Average monthly transactions of bicycles grew by about 44% in the second half of 2020 compared to the first half, with an average of over 6,000 sold each month.
“As a classifieds marketplace platform, the availability of listings are contributed by our users. Comparing how the transactions for bicycles have been steadily increasing on Carousell with the rapid growth in searches, we can see that demand currently exceeds supply. This means that there is still growth potential for casual users and business sellers to come to Carousell to sell their bicycles to the ready pool of buyers and earn some extra income,” said Tang Siew Wai, country head at Carousell Malaysia in an announcement.
Most of the people, 70% of them, opt for secondhand bicycles. Malaysia exceeds the trend and tops regionally with 76% of transactions being secondhand, while Hong Kong is second with 72.46% and Singapore is the exception with 34.34%.
The most popular bicycle type in Malaysia is the road bike, similar to Hong Kong. Mountain bicycles are second most popular in Malaysia, similar to Singapore. Since there is a strong demand for secondhand bicycles, prices have been competitive. For example, this year’s model of road bike Giant TCR Advanced 1 Disc KOM retails for RM13,499 ($3275) but can be found on Carousell for RM9,998 ($2425).