The Covid-19 pandemic has propelled enterprising Gen-Z’s into starting almost 350 new food delivery and collection businesses, according to new data.
In 2020, entrepreneurs aged 16-20 accounted for almost 350 of the 8,899 food takeaway and delivery start-ups registered in the region, with the sector in the UK’s top ten most popular start-ups last year.
The Age of Entrepreneurialism data from The Accountancy Partnership reveals that the year-long period from 1 February 2020 saw a 72% increase of 16-20-year-olds registering as sole traders, a rise of 206% than three years ago.
The takeaway and delivered food industry is growing faster than any other, with a 39% increase in deliveries in three years.
The data also indicates that males are more enterprising that their female counterparts. Males make up 71% of new sole traders in total, and this is reflected in every age group. In 16-20-year-olds, women are 80% less likely to start a new business than men.
Lee Murphy, managing director at The Accountancy Partnership, said: “Between 16-20-years-old is typically an uncertain time of life in normal circumstances as people decide whether to pursue further education or start their career. Closures in retail and hospitality, and money worries surrounding university have made this year even more trialing, triggering this rise in young people starting businesses.
“The pandemic has also highlighted how important a digital presence is for business and over the past twelve months, social media has become a petri-dish of new business start-ups, with 31.2% of businesses in 2020 started on Facebook and 30.9% on Instagram. Gen-Z is a digitally native generation with social media at their fingertips to reach a customer audience which has not been so easily accessible in the past.”