The greedy bike companies have milked the golden goose to death, selling NZ$10K - $15k bikes to clueless numpties by convincing them cycling is all about having a flash bike. But it never was and the lie will take them down.
Bikes like this are sitting unsold on shop floors for NZ$11,500, but who on earth is spending that much on a bike in a recession?
Big companies like Trek and Giant are now announcing massive cut backs, along with half price sales, as they just can't move all the unsold bikes.
If the ride was say up to the top of a 500m hill and then back down again, a hardtail XC bike would only be about 1 min slower than a big flash freeride rig coming down, but easily 15 mins faster going up, so 14 mins faster overall in an actual real world ride.
The latest $12k mountain bikes are basically only at the point MX bikes were at 30 years ago, but without a motor.