- Between 2020 and 2021, the number of “market stall traders” nearly doubled across the country, increasing by 92%.
- With the increased popularity of outdoor marketplaces and as a response to Covid-19, new market traders are quickly appearing
- Despite the fact that unemployment persists in a few industries, most types of small businesses are experiencing a recovery.
24th `September, 2021 – LONDON, UK – With many small businesses closed due to the effects of the pandemic, Simply Business – one of the UK’s largest providers of small business insurance reported a 92% increase in market traders in the United Kingdom.
An analysis of the trends between 2020 and 2021 reveal a significant increase in market stall traders. It is the fastest growing industry across small businesses so far this year. Other industries that have also seen more than a 50% increase are caterers, online retailers, and home baking businesses.
The industries that appear to have benefited the most from the pandemic are those related to food or the arts. New photographers, bakers, and landscapers are emerging all over the United Kingdom.
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The number of new market stall traders across the country remains the most prominent among the SME community. Market traders have found a thriving niche in the UK economy, thanks to the pandemic’s newfound popularity of food stalls and outdoor dining.
Alan Thomas, CEO at Simply Business, commented: “The boost in market stall traders is a reassuring sign of an economic rebound for the UK. It’s small businesses like these that are going to play the most important role in bringing back our economy from Covid-19.”
“Our report showed optimistic results of new businesses emerging in the food and artistic sectors. Self-employed jobs are also finally seeing a rise as we distance ourselves from the pandemic. ”
“We’re thrilled to be doing our part in this process by protecting so many new businesses in their journey. It’s encouraging to see so many new businesses start up as the country attempts to recover economically from Covid-19. This is why we’re offering one entrepreneur the chance to win £25,000 to either set up a new business or rebuild their own business.”
Entries for the Simply Business Business Boost grant are open until 17th September. To find out more visit: https://www.simplybusiness.co.uk/business-boost/”
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
