How the Takeaway Sector benefits the UK Labour Market and Economy
What does the UK takeaway sector contribute to the overall UK economy?
Rapid growth in the takeaway sector has made it an important part of the UK economy, supporting approximately 286,800 jobs in 2018, an increase of almost 13,000 jobs since 2015. As such, it employs more than the Telecoms, Advertising and Insurance sectors.
Interestingly, small businesses make up the majority of the takeaway sector, and are growing so rapidly, that 30% of takeaways now employ more than ten people. The sector now acts as a gateway employer for many, offering first-time employment, training and a rewarding career path for entrepreneurs.
What’s more, the creation of jobs covers the entire UK. Yorkshire and The Humber has seen the largest increase in the creation of jobs since 2015, followed closely by the East and West Midlands and the North East. Nearly 286,800 people worked in the takeaway sector in 2018 and the value of the industry is clear to see.
The sector is estimated to have created £5.9 billion additional value in 2018, which equals 12% of the overall contribution made by the food services industry, which includes restaurants, cafés, pubs, bars and events.
£12.5 billion was spent on takeaways in 2018
1. New retail business models
A new era of retail requires new business models. Subscription services and secondary markets have been quick to react, filling new spaces in the market with intelligent solutions. The music and entertainment sector is a standout example, evidenced by streaming services such as Netflix, Spotify, Amazon Music and others.
Such models will no doubt proliferate to other sectors, and with AI advances, it will be the imagination that limits creativity, slickness and ingenuity of the adaptive business models of the future.
For now, traditional retail business models will be pushed to the limit as new models emerge and are rapidly adopted by consumers. Rental markets, curated subscription models, the service economy, auto-replenishment and smart re-ordering have the potential to alter the retail norms of today, which will be powered by online interfaces, propelling online spend to new heights.
Ultimately, retailers will be focusing on how to merge transformative models with existing business models to better serve their customers. Naturally, the composition of boardrooms will adapt to reflect the changing nature of the retail sector.
“Online will account for more than 50% of all retail sales by 2028”
