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Skills and Entrepreneurship
Growing the economy
Covent Garden – a lively attraction most of the time – was even more vibrant than usual in mid-July when it hosted a‘ TikTok Market’, a pop-up marketplace showcasing 20 small retailers from across the UK who have found success on the platform.
Discovery engine
The event followed a report from Public First, the public policy research agency, which shows TikTok is acting as a discovery engine for growth across the British economy. Specifically:
• TikTok is delivering a £ 10 billion boost to the British economy, supporting more than 150,000 jobs.
• It is helping drive people back to local high streets – with more than six million people visiting a café or restaurant in their local area, and 4.3 million visiting a local independent shop, after seeing them on TikTok.
• In arts and culture, the report finds TikTok generated £ 175 million in additional consumer spending on books. Nearly one in four 18 – 24-year-olds on TikTok bought a book after seeing it featured on # BookTok. More than half of readers in this age group use TikTok to discover information about books.
• For millions of people across the UK, TikTok has become a place to learn and discover something new. Together, TikTok’ s 30 million UK users watch more than 18 million hours of educational content a week.
Practical
TikTok is also helping people build practical skills they can use at work. More than four in ten users say they have applied skills in their current job that they first developed by posting videos on TikTok. Ali Law, a director of TikTok UK, a new LCCI patron member, commented: " With a £ 10 billion boost to the British economy, TikTok is turning online discovery into real-world growth and connection, with millions discovering local businesses, visiting high streets and joining local clubs and sports groups."
www. tiktok. com