// Ebay UK self-made millionaires rise by 35% in the last year
// Economic uncertainty has led to a “new wave of entrepreneurs”
// London tops the list of producing the majority of the millionaires
Ebay has found that the number of new, self-made millionaires on its platform has risen by 35 per cent in the last 12 months across the UK.
The online retailer said it expects economic uncertainty and unemployment to create a “new wave of entrepreneurs”.
The UK capitals creating the majority of the millionaires include London, Manchester and Birmingham.
In terms of the most lucrative product categories for Ebay entrepreneurs, the top ten list reflects consumer spending trends of the “new normal”, including a rise in the number of Brits taking on home DIY projects and working remotely, as well as an increase in fitness and recreating salon experiences from home.
Home, Furniture & DIY topped the list of the top ten categories for Ebay millionaires, with Vehicle Parts & Accessories, Clothes, Shoes & Accessories, and Business, Office & Industrial following closely behind.
“The uplift in new self-made millionaires on eBay proves that Britain’s entrepreneurial spirit is alive and kicking, despite the challenging economic times we are facing,” Ebay UK general manager Murray Lambell said.
“The pandemic has certainly hit business hard, but it has also shown that entrepreneurs are cut from a different cloth and can turn a crisis into an opportunity, making millions in the process.
“It is these forward-thinking small businesses who will help power the UK’s economic recovery and thrive in the long term.
“That’s why Ebay is committed to providing a platform for these side-hustlers, lockdown start-ups and entrepreneurs, helping to deliver growth for the economy and communities across the UK.”
The data follows a 256 per cent rise in the number of new businesses registering to sell on Ebay UK during the Covid-19 lockdown.
Earlier this month, Ebay UK launched “Pay As You Grow”, a new scheme that sees fees removed for any first-time business sellers on the platform until they have made over 100 sales in a single month, and reduced fees thereafter each month.