Brits ditch costly subscriptions en masse due to fast-shrinking budgets

Brits ditch costly subscriptions en masse due to fast-shrinking budgets


It released the findings after commissioning Opinium Research to survey 2,000 people across the UK in June. Some 400 UK senior decision-makers at director level and above from a range of retail sectors were also surveyed.

Barclaycard Payments – which processes £1 in every £3 spent on credit and debit cards in the UK – found that, on average, businesses which offer subscriptions estimate nearly two-fifths (36{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9}) of their revenue has been generated from these sales over the past 12 months.

However, with people going back to some pre-pandemic routines, Barclaycard data showed a 5.7{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9} fall in subscription spending in May 2022 when compared to May 2021.

The research also indicated the appeal of sign-up products and services remains strong, despite economic uncertainty.

Nearly four in 10 (38{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9}) people believe subscriptions offer good value for money and 34{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9} said they help them manage their finances at a time of rising costs.

Convenience (42{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9}), reassurance that key products will be regularly delivered (42{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9}) and the ability to try new items which they may not normally purchase (55{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9}) were also cited as key benefits.

Quoted from Various Sources

Published for: Ipodifier