Brits forced to get more savvy with subscriptions amid tightened belts
New data has shown two thirds (67 per cent) of Brits remain signed up to at least one digital or direct-to-door service, despite a dip in consumer spending on subscriptions overall.
According to Barclaycard Payments, which processes £1 in every £3 spent on credit and debit cards in the UK, 34 per cent of people see subscriptions as an important tool to help manage finances at time of rising costs.
As the cost-of-living continues to rise, almost four in 10 (38 per cent) consumers cited good value as the most important factor when signing up to new subscriptions.
Three fifths (59 per cent) of Brits say they are signed-up to subscriptions for exclusive access to content.
Meanwhile, 45 per cent believe subscriptions offer a personalised experience. Other benefits appealing to shoppers include: the ability to try new items which they may not normally purchase (55 per cent), convenience (42 per cent) and reassurance that key products will be delivered regularly (42 per cent).
The study found that the average UK household spends £41.70 a month on subscription services, compared with an average of £51.65 in 2021, and £45.50 in 2020.
Harshna Cayley, Head of Online Payments at Barclaycard Payments, said: “As the cost-of-living continues to increase, we’re seeing consumers engage with subscriptions in new and smarter ways.”
“Value for money, convenience and control will continue to be important factors for cost-conscious customers. This means to remain successful in the subscription economy, businesses need to focus on going beyond these current demands. Added extras, such as exclusive content, may no longer cut-it, so providers need to ensure contracts and delivery models remain flexible too.”