Sharing economy and drinks industry among UK’s top 10 business sectors
Industry growth has risen by 1.6% in the last five years yet businesses in entertainment and retail sales are "struggling to cope with pace of change"
The sharing economy is now the UK’s fastest growing business sector followed by areas such as PR, computer programming, and craft beer manufacturing, according to new research from the Cebr and O2 Business.
An analysis of the UK’s top 20 thriving and declining industries using historical data, the study found that overall industry growth has risen by 1.6% since 2011 but some sectors are performing noticeably better than others.
Of the top 10 burgeoning industries, the research found that the sharing and rectal sector is currently “booming” due to the number of UK start-ups following the lead of Airbnb and Uber, while companies in specialist design services, public relations and financial management have also benefited from renewed growth.
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The research also highlighted the drinks industry as having the highest rate of entrepreneurialism in the country, boosted by the growing demand for health drinks and craft beer
On the flip side, the UK entertainment industry tops the list of being the business sector most at risk of decline due to increased competition from rival US brands. Other sectors said to be “struggling to cope with the pace of change” include specific manufacturing industries, postal courier activities, and retail sales of music, books and games.
Ben Dowd, O2 business director, said of the research:
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“It’s encouraging to see the variety of growth industries in the UK, suggesting renewed economic confidence and a vibrant start-up scene. However, as the report shows, increased innovation and competition can result in some sectors struggling to cope with the pace of change.”