London ranked as number one, followed by Cambridge and Derby
More and more of Generation Z are beginning to enter the world of work, and one of their key characteristics is entrepreneurship.
Now a new study by Novuna Business Cash Flow has analysed a range of factors including average age, business startup and closure rates, mean house prices, internet speed, TikTok views and environmental issues to calculate the best cities in the UK for Generation Z to start their own business.
Despite having the highest average house price and biggest business closure rate, London came out on top as the best city for Gen Z to launch their business in, with an index score of 163 out of a total of 210. The capital city ranked top of the list for startup rate, second for average weekly earnings (just behind Reading), and has one of the youngest average ages in the UK (36.5). The city also has more views on TikTok than any other city in the country.
Just behind London was Cambridge with a score of 161. The university city has an average age of 35.4, the second lowest, some of the highest weekly earnings as well as the second highest percentage of superfast broadband availability. Oxford, which has the lowest average age in the country (34.4), was in fourth position with 154.
The city of Derby featured in the top three thanks to its TikTok views, broadband speeds, and low business closure rate, while Manchester finished in the top 5 thanks to its business startup rate.
Glasgow, Liverpool, Southampton. Birmingham and Bradford also featured in the top 10.
Top 10 cities for gen z to start a business (index score)
Aberdeen ranked bottom of the list with a score of 76, mainly down to its lack of ultra fast broadband availability and high CO2 emissions. Doncaster and Blackpool also ranked poorly.
Bottom 10 cities for gen z to start a business (index score)
Which cities are most popular on TikTok?
Generation Z is more prevalent on TikTok than any other group, and meeting other content creators could be an important factor for those launching a new business. These are the most popular cities on TikTok, ranked by number of views:
London: 31.1 billion
Liverpool: 20.9 billion
Manchester: 4.3 billion
Birmingham: 2.9 billion
Glasgow: 1.9 billion
Newcastle upon Tyne: 1.7 billion
Derby: 1.4 billion
Leeds: 1.4 billion
Edinburgh: 875.9 million
Bradford: 772.7 million
Generation Z care more about social issues like climate change than previous generations
The study also looked at each city’s carbon emissions, based on the fact that social issues like climate change are more important to Generation Z than older generations. Three cities on the South coast all have lower carbon emissions than the rest of the UK: Plymouth, Southampton and Portsmouth.