The latest research by finance specialists, RIFT, has revealed that British consumers spend £1.6bn a month on subscription services, but one in 10 admit to not using these services at all, while over a quarter have chosen to cut back so far this year in a bid to reduce their household spending.
RIFT surveyed over 12,000 Brits across each region of the nation to ascertain just how many subscription services the average household has, how much it’s costing them and how often they are actually used.
From streaming our favourite TV shows and films, gaming, food and drink, health and beauty and even pet supplies, today, there’s a subscription service for pretty much anything you could wish for.
RIFT’s analysis of 20 of the most popular subscription services shows that they cost an average of £29 per month, starting as low as £4.99 per month for the likes of Netflix and climbing to a lofty £136 per month for food subscription services like Hello Fresh.
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The research from RIFT also shows that 63% of us subscribe to some form of monthly product – that’s an estimated 41.3m of us. With the average person having 2.4 active subscriptions and paying £39 per month for the pleasure, that’s a total monthly subscription spend of £1.6bn across Britain.
Streaming TV and films, music, podcasts or audio books and food and drink subscriptions are the most popular and while the majority of us utilise these subscriptions all of the time, one in 10 stated they don’t use them at all.
No surprise then that over a quarter (27%) of us have decided to scale back on our subscription costs this year, with the primary reason being that the cost is too high for the product offered, as well as the fact that we simply can’t afford them in the current climate.
Bradley Post, MD of RIFT, said, “Subscription services have boomed in popularity in recent years and not just because they offer convenience to those leading busy lifestyles, but also due to the fact that the range of products available has increased dramatically.
From media consumption, food and drink, beauty, pet supplies and even health and fitness, there’s a subscription service for every aspect of life.
In some cases they can provide a great option compared to otherwise expensive alternatives but they can also be very costly and, ultimately, unnecessary, especially for the one in 10 of us who fail to even make use of them.
With households continuing to struggle with the high cost of living, it’s certainly worth considering a subscription spring clean as it could help reduce your outgoings by a nice chunk each month.”
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