Sales of high end bicycles and cycling equipment fell by an average of 40% in the month following the Brexit vote.
Cycling price comparison website bikesy.co.uk tracked sales generated across many of the UK's online bike stores and were 'shocked' by the downturn in the four weeks after the vote, compared to the same period the previous month.
Sales of cheaper accessories such as cycle apparel, shoes and spare parts stayed the same.
Yesterday, British cycle manufacturer Raleigh announced a price hike of 10% on all bikes and accessories made overseas due to the weak pound.
Bikesy said: 'From our viewpoint it's a challenging period for the industry. We conclude that current uncertainty is causing consumers think twice about buying high end racing cycles and equipment.'
'If the pound stays at its current levels we would expect to see upward pressure on prices across the board on next season's imported cycles, components and clothing.'
'However, now is likely to be one of the best times to make cycle related purchases as many brands have bought their end of season sales forward.'