Despite challenging conditions for retailers, the number of new, self-made business millionaires on eBay has soared by 18% in the past 12 months to their highest in almost a decade, new figures to mark the opening of the 2019 eBay for Business Awards show.
In the last year, there were almost 1,300 new eBay millionaires – defined as businesses trading on eBay.co.uk with revenues of £1million or more generated through the online marketplace. The analysis also reveals that when it comes to the fastest growing communities of eBay millionaires, it’s sellers under 30 and entrepreneurs in Coventry who take the crown.
The figures coincide with the launch of the 2019 eBay for Business Awards, eBay’s annual nationwide competition to find and celebrate the most successful and inspiring seller stars from its community of 200,000 British small businesses.
The most successful age group of new eBay millionaires in the past year (nearly 20%) are ‘digital natives’ under thirty, with an eye for Britain’s changing shopping habits. However, the over 60s are the second fastest growing age-range (13%), demonstrating the value of new ideas and business experience respectively.
A proud supporter of British business, eBay has also revealed that the top three UK ‘eBay millionaire capitals’ are London, Manchester and Birmingham, with a total of 170 new eBay millionaires in the last 12 months.
However, you should send yourself to Coventry if you want to be part of the fastest growing community of seller millionaires. Traditionally known as the motor manufacturing capital of the UK, the city’s huge 41% increase in the number of new millionaires by far outweighs growth in traditional business centres including Birmingham (27%) and Manchester (25%).
The new figures follow research conducted by the company earlier this year, which found that optimism among the UK’s small business owners outweighed pessimism by a margin of two to one.
Rob Hattrell, vice president of eBay in the UK, said: “The uplift in the number of eBay millionaires demonstrates how entrepreneurs up and down the country are keeping up with the ever-changing needs of consumers, despite some tough economic conditions.
“We are passionate about offering entrepreneurs a shop window to 180 million consumers worldwide. Whether they’re starting their first business as a hobby while juggling studies or launching a second career as empty nesters, our sellers are making the most of our opportunities and making millions thanks to their spirit and ambition. There are 200,000 UK small businesses at the heart of eBay and we want to celebrate seller stars through this year’s eBay for Business Awards. We can’t wait to shine the spotlight on and toast to their successes.”
When it came to Brits’ most lucrative products, home, furniture and DIY sellers had the highest number of new business millionaires in the last 12 months. This echoes findings in eBay’s latest Retail Report, which found that cash-strapped millennials are splurging on soft furnishings and homewares in order to make their rental properties feel more like home.
Sellers who enter the eBay for Business Awards 2019 could win up to £5,000, a VIP trip to the USA and dedicated eBay business support. To enter or learn more visit http://www.ebayawards.com/.