Skateboarders are paying an average of about $1,200 per year to access the equipment they need to get around in the world.
And in Australia, the average price of a single skateboard is about $700.
But when the price drops to $150, that’s when the savings begin to kick in.
“The skate industry is going through a very difficult time,” says Andrew Gossett, the CEO of Skatepark, which operates two skate parks in Sydney.
The industry is in the grips of a bubble, he says.
“People are spending more and more and, because of the price drop, the demand is growing faster than the supply.”
That’s because there are now a lot more skateboarders around the world, but the supply is so much smaller than it was when skateboarding was booming.
“When you look at the supply and demand curve in the skate industry, the curve is a little bit tilted,” says Gossets, referring to how demand for skateboarding equipment has been increasing over the past decade.
He says this has led to a sharp decline in the cost of skateboards.
For instance, a skateboard can now be purchased for around $700, compared to $1.50 in 2015.
In fact, prices are dropping as well.
The most popular skateboard brand, Skateparks, dropped its price by about $20 last year, Gossetts says.
But the company says the price was the result of a combination of factors, including new technology that allows skateboards to be ridden and the introduction of more durable materials.
It’s no surprise that there are many different skate brands, Gassett says.
“Skatepark is a lot of different brands in the same market.”
A skatepark in Sydney, Sydney.
Photo: Daniel Munoz Gossett says a few companies are now offering more than one model, and many more will offer the same price and model in future.
“There’s going to be a lot that comes from the demand side,” he says, including a new skateboard called the Blackout, which will go on sale in 2019.
And in a way, GOSSETS is right.
The price of the skateboard has fallen so much that many skaters have been turning to cheaper alternatives, such as the Xl Switch, which is available in many Australian cities for around the same amount of money.
GOSSET: I think the skate scene in Australia has changed a lot over the last 10 years.
It’s not the same.
There’s always a need for new things.
But it’s a lot easier to go with what you know, and a lot cheaper.
Skate park owner Andrew Gussett, who has a skatepark on the ground floor of the Sydney CBD, says the skate community has seen an increase in popularity over the years.
Skatepark is one of many businesses that are looking to open new shops in Australia.
Photo : Supplied A SkatePark in Sydney is seen. Photo