Recent data shows a meteoric rise in consumers turning to independent, local shops and tradesmen over recent years.
Simply Business, the UK’s biggest business insurance provider, has identified a consistent rise in private small businesses over the past five years through its annual analysis on their microbusiness and sole trader customers.
Through its comprehensive data, Simply Business has shown that consumers are backing away from chains and multinational corporations in favour of independent traders, with the number across the UK rising by 110% in the last five years. The north west has emerged as the most popular location to open up on the high street with an 89% rise in independent retailers there since 2010.
In addition to supporting their local shops, Brits also prefer to use independent small businesses for services. The findings demonstrate a rise across a range of professions since 2010 from manicurists (115%) and hairdressers (79%) to domestic cleaners (118%) and builders (86%).
Jason Stockwood, CEO of Simply Business, said, “It is pleasing to see support for small businesses in recent years. Small Business Saturday is a great initiative to put small and microbusinesses in the spotlight but it is vital that public awareness remains high all year round.
“The tide seems to be turning, away from chains and big corporations to local, independent businesses but consumers must sustain their support to ensure these businesses don’t just survive but thrive. Our nation’s small businesses play a huge role in local communities and have a meaningful impact on the broader economy, so I hope to see this trend continue for years to come.”
Notes to Editors
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About Simply Business
Launched in 2005, Simply Business provides an online brokerage service delivering policies tailored to individual business requirements. It has a team of UK based insurance specialists and employs almost 300 people across offices in London and Northampton.
Simply Business provides insurance to more than 425,000 UK SMEs and landlords and owing to its internal underwriting capability can cover over 1,000 trade types. It has been a Sunday Times Tech Track 100 company for the past three years and was recently named in the Deloitte Technology Fast 500 EMEA. Revenues have grown from £4.2 million in 2006, to £25.4 million in 2014, and the company has been named 2015 and 2016 winners of The Sunday Times’ Best Company to Work For.