Sales of Motorbikes Expected to Fall in 2023

The effects of record-high inflation are being felt in all sectors right now and this will continue to be an issue throughout 2023. One industry that is feeling the effects of inflation and the looming recession is the motorbike industry with demand falling as consumers look to tighten their budget during the cost of living crisis.

The Impact of Inflation on Motorbike Sales

It has been a turbulent few years in the motorbike market with the pandemic causing supply chain issues that slowed down production. The market picked up in the first half of this year as supply improved and demand was high, but in the second half of the year, demand has cooled with the market falling 11.3% in the third quarter. This is due to the fact that everyday purchases are getting more expensive, people are experiencing real-term pay cuts and interest rates are so high, which means that people are delaying the purchase of items like motorbikes. 

How Motorbike Enthusiasts are Getting Around this

So, what are motorbike enthusiasts doing to manage during a cost of living crisis? While the vast majority of people will feel the squeeze, you will find that there are things that you can do to manage. Going through all regular expenses and finding ways to make savings can make a difference, including things like cutting back on luxuries and shopping at budget supermarkets. Another way that people are managing is to work longer hours or find other ways to supplement their income, such as selling items online.

If you are eager to get your hands on a motorbike in 2023 but you are not sure how you will afford it then there are options. You could take out a personal loan or an equity release mortgage as a way to get the money needed to buy a new bike.

Outlook for 2023

In 2023, it is predicted that inflation will remain high but start to come down in the second half of the year. As a result of this, it is likely that the sale of motorbikes will remain low at least in the first quarter of the year. As the weather improves, sales could start to pick up and then it is hoped that the market performance will improve in the second half of the year.

The cost of living crisis is starting to take a toll on many markets, including the motorbike market. With people feeling the squeeze and worried about the cost of daily essentials, demand has cooled for motorbikes but there will still be those that manage to find a way to buy despite the current economic climate. Hopefully, this will not be an issue for all of next year and things should start to improve.