Cycling Is the New Golf
Jordan Kobert@jordankobert
The idea
I believe affluent professionals are shifting status-sport spending from golf to cycling, and the winners span a whole ecosystem rather than one stock. Since the purest bike makers aren't accessible, I own US-listed names around the rider: devices and gear, premium apparel, clubs and endurance fuel, and travel tied to the sport. I'm holding for years as a demographic shift, spread across all four layers with larger weights in the sturdiest names, keeping a cash reserve to add if things sell off.
What will be bought
- This bucket owns the computers, components and stores where cycling equipment spending actually lands, since the bikes themselves are mostly made by private companies. · Garmin Ltd.Nearly every serious cyclist uses a Garmin head unit or watch, making the company a primary beneficiary if cycling continues drawing status-oriented spending away from traditional golf., Dick's Sporting GoodsDick's is where a broad shift in sports spending by well-off households shows up at the register, including its push into premium gear and bikes., Apple Inc.The Apple Watch is how many cyclists track fitness, close rings and log rides, tying the company to health and fitness adoption., Fox Factory HoldingFox makes the suspension and components on the high-end gravel and mountain bikes this take is about, so premium bike demand drives this piece., Peloton InteractiveThe year-round cyclist still rides in winter, and Peloton is the indoor half of that habit among affluent subscribers.32%
- Cycling as a status sport means premium athletic brands capture the wardrobe that comes with the lifestyle. · On HoldingOn is what the status-conscious endurance athlete wears off the bike, the same buyer who traded golf spikes for cleats., Lululemon AthleticaThe rider also owns a closet of premium athletic clothing off the bike, and Lululemon is the primary way to own that wardrobe spending., Amer SportsAmer owns Salomon and Arc'teryx, the premium outdoor brands this demographic wears on and around the ride., Deckers OutdoorDeckers owns Hoka, the shoe the endurance crowd runs and recovers in, targeting the same affluent athletes driving the cycling shift., YETI HoldingsYETI sells the coolers and bottles that ride along in the gravel-bike crowd's trucks and post-ride hangs.29%
- The riding lifestyle includes premium gym memberships for the off-season and a steady diet of protein and energy products. · Life Time GroupPremium gym membership and spend per member is the clearest way to own the shift from country club to premium fitness, especially as winter training moves indoors., Celsius HoldingsCelsius is the energy drink in the bottle cage and the gym bag, benefiting from growth in fitness-focused beverages., BellRing BrandsBellRing's Premier Protein is the recovery shake after the long ride, benefiting from rising protein consumption among fitness-minded adults.16%
- Riding trips to premium cycling destinations are booked through the big travel platforms, mirroring how affluent professionals spend on active experiences. · Booking HoldingsRiding trips abroad, whether a Girona week or a Mallorca camp, get booked through major travel platforms, making this a way to own experiential travel by active affluent travelers., AirbnbThis is where the group ride stays when it travels, whether a house near the trailhead or an apartment in a cycling town.13%
- Cash10%