A bicycle from luxury brand Hermes priced at 165,000 yuan ($24,470) has recently sold out in the Chinese mainland market which has sparked heated discussion on the consumption power of Chinese buyers.

A representative from Hermes told the Global Times on Sunday that the pricy bicycle was currently out of stock at stores in the Chinese mainland. 

The Global Times noticed that product information about the bicycle had been removed from Hermes China’s official website.

The representative said that the information was removed because it was no longer in stock and they will source the product from France with shipping times not yet confirmed. 

A previous screenshot from its official website showed that the bike is 154.6 centimeters long, 58 centimeters wide and weighs 14 kilograms. According to product details, the seats can be adjusted to accommodate users of different heights. The design is inspired by a Japanese-style portable bicycle, which is made in France. The listed price is 165,000 yuan.

The expensive bicycle went viral on social media in China as common bicycles are typically for sale for only few hundred yuan. 

Some Chinese netizens were surprised by the high price of the bicycle and left comments that "poverty limits my imagination", "even four wheels are sold cheaper than two wheels.” 

Others expressed their understanding for the luxury consumption. "The bicycle is only worth a few hundred yuan, and rest is the value of the brand," commented one netizen.

The popularity of high-end bicycles is in line with a recent bicycle boom in China. 

Once dubbed the kingdom of bicycles, cycling has regained its popularity among Chinese consumers as a popular outdoor sports and transportation choice given the impact of the coronavirus pandemic.

According to data published by JD.com, during the pre-sale period of "June 18" shopping festival this year, bicycle was one of the best-selling categories, with a year-on-year growth of 240 percent. The transaction volume of bicycle parts increased by 100 percent year-on-year and that for helmets and wearable equipment grew rapidly.

In addition to Hermes, Louis Vuitton, Chanel, Gucci and TOD's have also produced limited edition of bicycles, the Securities Times reported.

Hermes reported that in the first half of 2022, despite the impact of the pandemic and store closures in April and May, sales in China rebounded strongly in June, according to financial results released by Hermes for the first half of 2022. 

According to a report by Bain & Company, the world's leading advisor to the global luxury goods industry, China’s luxury goods market will see a rapid recovery in the second half of 2022. Domestic consumption of luxury goods reached 470 billion yuan ($69.60 billion) last year, accounting for about 21 percent of the global market, according to Bain & Company.

"Local consumer appetite remains strong and will potentially lead the country to recover between late 2022 and early 2023," the company said in a report sent to the Global Times in July.