Sharing and Rental Economy Fastest Growing Business Sector in the UK
UK drinks industry identified as having the highest rate of entrepreneurialism, boosted by the rise of craft beer and health drinks
The ‘sharing and rental economy’ has become the fastest growing business sector in the UK, according to a report by the Cebr and O2 Business.
Boosted by UK start-ups following in the footsteps of brands such as Uber and Airbnb, the success of the sharing and rental sector adds to overall UK industry growth of 1.6% since 2011.
The report, which used historical data to analyse the top 20 thriving and declining UK industries, named scientific and technical activities such as environmental consulting as the second fastest growing sector, followed by public relations and communications.
The research also identified the drinks sector as having the highest rate of entrepreneurialism, no doubt driven by the recent popularity of craft beer and health drinks.
Despite the overall positive news, several UK business industries are thought to be at risk of going into decline due to increased competition from US brands.
Businesses in video production and television were found to be most at risk, followed by ‘other manufacturing’ such as sports equipment, alongside postal and courier activities.
Ben Dowd, O2 business director said:
“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.”