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.
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.