Andreas Kambanis, founder of the website London Cyclist, has also noticed this trend.
"A lot of the traffic on our site is from people comparing high end accessories and clothing," Kambanis told CNBC via email. "In particular people want to know what sets one item apart, so they can see if it's worth investing more."
For example, Rapha, which has developed gear for Team Sky's cyclists, sells a wide range of clothes and equipment at premium prices: a Pro Team softshell jacket from the company costs £200.
"Rapha has certainly seen an increase in sales which corresponds to the Mintel report on accessories spend - last year our turnover was £39m with a 35 percent growth and our year on year sales have increased by over 30 percent every year since 2011," Simon Mottram, founder and CEO of Rapha, told CNBC.
"Customers who love riding and appreciate quality, luxury and comfort are willing to pay for the resulting products," added Mottram.
And it seems that cyclists want to look their very best while out on the roads. High end fashion and cycling have also crossed over.
"When you are spending an hour a day or more on your bike, you start to explore clothing and accessories that are going to make the ride more comfortable, fun and stylish," explained Kambanis. "That's why we've seen such a growth in companies that sell the cycling lifestyle, in particular with clothing that combines style with practicality.
"People are willing to spend a little more, as there's an understanding that the clothes they are buying are going to last longer."