Biking has many positive economic factors. For instance, it can save you time and money while improving your health. Besides personal benefits, biking has many social and national economic factors as well. Read down below to find out.
Biking on a regular basis can improve your mental and physical health. Businesses that accommodate biking facilities are more popular than the ones that don’t. Bike tourism is booming in many countries. This article lists all the economic factors that everyday biking has.
What Is Bike Economy
The bike economy is different from automobile-related developments in the sense that it focuses on developing existing living and commuting standards. The bike economy is not related to raising property values or generating profits.
According to neo-classical economics, human beings respond primarily to economic incentives. Biking has many economic benefits that have given rise to the bike economy discourse. It focuses on the development and benefits of bike-friendly road networks and business infrastructure.
A developed bike economy can result in a healthier environment for walking and traveling in neighborhoods. Increased biking can help people live healthier and happier life.
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Economic Benefits to National Economy
Biking is a rising popular trend that has led to a lot of research on its impacts on the national economy. For instance, in Australia, A$21 is added to the economy every time a person chooses to ride a bike for 20 minutes.
In Denmark, a similar study shows that biking benefits the economy more than automobiles.
The EU and UK have found similar positive results in studies related to economic factors of everyday biking. In the UK, the government pays to have people bike to their work. The cost-benefit ratio of daily biking seen in the UK was 1:35, which means for every £1 invested, you’d get a return of £35.
So, it affirms that biking has positive effects on the national economy of the European region.
Personal Financial Benefits
You can get tax rebates of $3k to up to $12k. Add to it the benefits of cost saved from car fuel, maintenance, and upgrades, and you will be left with a hefty amount. You can keep the money in your local economy by using bikes because the money won’t be spent on fuel provided by big industries.
Moreover, not to mention the savings you can make by using a bike as your primary mode of transport. You can avoid a range of expensive card-related costs such as car loan interest payments.
Bike sales and maintenance shops can benefit the local economy. Recently, the increase in bike riders has prompted businesses to update to bike-friendly accommodations. This has positively impacted the local economy and personal finances.
Development of New Businesses
New businesses develop centering on new trends in the economy. Everyday bike riding has promoted the development of new businesses, such as food trucks and bike parking. Car parking lots are expensive to build and hard to come by in large numbers.
Restaurants that shifted towards bike rack parking, have seen a decrease in parking costs while an increase in customer numbers. People like flocking to places accessible by bike, so restaurants with bike parking are popular now.
Rise of New Tourist Attractions
The rise of the biking trend has increased the number of people visiting tourist attractions such as bike trails, national parks, and so on. Any place that offers bike riding adventures sees an upsurge in tourist activity.
People carry their bikes in bike racks behind their motorhomes or SUVs to campsites. Oftentimes, people like riding their bikes to remote places, putting emphasis on bike riding in tourist sites.
Bike Tourism in Canada
In Canada, cyclists spend much more money than any other tourist in the La Route Verte. Bike tourism is said to contribute as much as 38 million dollars to the Canadian economy. The amount spent by bike tourists was more by 6% than those of regular tourists.
The sector created more than 2800 jobs and contributed significantly to the economy.
Bike Tourism in the USA
In the USA, the outdoor recreation economy made a study and found that bike-related sales generated a massive amount of revenue. The amount of revenue generated by outdoor activities in the USA is more than the agricultural, oil, and informatics sector. Hence, even in the United States, bikes should be encouraged as the effects on the national economy are too good to pass on.
Bike Tourism in the UK
In the UK, bike tourists are said to spend 9% more than average tourists per trip. The share of cycling mode results in an increased income from cycle tourism. The rising share of cycling modes also results in rising expenditure for bike maintenance.
Reduction in Commute Hassle
Biking reduces time wasted in commuting from one place to another. Bikeways are low on traffic and congestion. E-bikes are fast enough to cruise through the city at high speed. The money spent on fuel and maintenance of cars can be saved by investing in a good bike.
People are opting to bike to places that are close by. As a result, people are moving closer to their workplaces. Biking reduces stress and is a good option to get some exercise.
Health and Mental Benefits
Biking has health benefits that can reduce healthcare costs in the long run. Company healthcare benefits can be saved by providing employees opportunities to bike to the workplace.
Biking strengthens your cardiovascular activities the light exercise from biking can keep people fit without hitting the gym.
Biking has mental benefits as well. It reduces stress and anxiety levels by balancing our hormones. It helps in the secretion of serotonin which makes us happy. The economic benefits of a happy and healthy life are immeasurable.
Environmental Benefits
Biking does not emit carbon material into the environment. Bikes don’t use any fuel and hence, create a low carbon footprint. The maintenance of bikes is also easy and does not require very expensive upgrades.
Conclusion
The economic benefits of bikes are many. Once you get started with everyday biking, you may not even want to switch back to traditional means of commute. Hopefully, this article has convinced you to try biking today!