This study analyses the determinants of cycling expenditure by means of a Tobit regression analysis, based on a dataset of 5,157 cyclists. Using a heterodox economic framework, 23 different variables are combined into two commonly used variable groups (socio-demographics, sports intensity variables) and two rarely investigated variables groups (socio-economic cycling capital, psychographics). With all variables included in the Tobit regression, gender, trip duration, frequency, number of cycling variants practiced, visiting cycling websites, and practicing road-cycling or mountain bike are positive determinants of cycling expenditure. A negative association is found with competitive riding and cycling drop out. Marketeers of cycling services and cycling apparel should meet the cyclists need for identification instead of focusing solely on socio-demographic factors.