The UK has always been a terrific place for consumers. The nation has so many different thriving industries, providing anyone looking to spend some money with plenty of choice. Consumers can shop around for the best price or, if they don’t like something, search elsewhere and find something closer suited to their tastes. Below is a look at some of the industries thriving most in Britain today.
Bookshops
A study by NatWest Group revealed good news for the bookworms that the number of new bookshops had increased between 2017 and 2022 in London, weathering the storm of a brutal year in Britain for retail. This year, the Booksellers Association reported further good news that in 2023, the number of independent booksellers had increased to 53 (up from 49 the previous year). However, the association also noted that, unable to ride out the challenges world events and the economy had presented them, some bookshops had closed down.
Books, reading and bookshops have remained culturally relevant, which has helped to fuel the increase, as has some of the activism by booksellers to keep bookshops alive in the face of economic challenges.
Gaming
The video gaming market in the UK is the largest in Europe, beating both France and Germany in terms of annual revenue. In 2024, more than 37.5 million people in the UK turn to gaming as a form of entertainment, distraction or fun, according to data on the website of consumer and market data company Statista. Hardware for video gaming makes up the biggest share of consumer spending. In 2023, video games sales amounted to £4.76 billion. Digital software sales comprised the greatest share of the sales. “EA Sports FC 24” was the best-selling video game of the year.
Consumers aren’t letting the video games market have it all their way when it comes to entertaining gaming fans, however. The UK’s igaming sector has experienced plenty of growth. The Gambling Commission reports that, for the period from April 2022 to March 2023, remote casino, betting and bingo saw an increase of 10.6% to 36.4 million in the number of accounts registered. The number of active accounts went up by 4% to 36.4 million.
Winnings in the UK are tax free in the UK, which is a big incentive for players. Then there’s the fact that igaming is so accessible because it’s a) affordable and b) convenient. You don’t need much money to play, especially if you make the most of promotions and bonuses offered at most online casinos for new or existing players, and you can play whenever you want and wherever you want if you have internet access. The games themselves are highly engaging, especially online slots, which are a big hit with UK online gamers.
Financial technology (commonly referred to as ‘fintech’)
The UK is one of the top destinations for fintech investment. Britain has a strong financial services sector and several hubs, including Edinburgh and Manchester, have emerged. Fintech receives a high level of venture capital and, from the Government, funding. High levels of tertiary education have helped to create a large pool of talent, and the Government has added to this by encouraging fintech leaders and talent to come to the UK to grow the sector.
A considerable factor in the success of fintech has also been the receptiveness of British consumers to fintech. When it comes to adoption of fintech, the UK has one of the highest rates in the world. At least 20 million people use Revolut and digital bank Starling has close to three million users or more.
Social media platforms
Social media has grown especially big in the UK. Creative agency We Are Social, in its report ‘Digital 2024’ with online media monitoring company Meltwater, informs website visitors that UK consumers spend more time on TikTok than any country in the world. In terms of spending, the short videos app also comes out on top in the UK above dating app Tinder and entertainment app Disney+. Some marketing experts, however, have predicted that consumers will grow tired of TikTok Shop, as the platform is oversaturating itself with ads and TikTok Shop videos.
Despite the popularity of TikTok, the report also finds that the UK’s ‘favourite’ apps are Facebook, WhatsApp and Instagram. Keeping in touch is the main driver behind social media usage, followed by filling in time and reading stories. Experts believe one of the other main reasons behind (some of) the findings in the report is the growing trend of social media as entertainment.
Variety is the spice of life and consumers in the UK have lots of choice. Other industries that are growing strongly in the UK include non-alcoholic beer production and immersive technology. Development of learning software is also growing powerfully in the UK.
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