The growth of the “subscription economy” has steadied as living costs squeeze household budgets and people return to pre-coronavirus pandemic routines, figures from a major payments provider have suggested. More than a third (36%) of people say they have cancelled at least one subscription because their disposable income has fallen as interest rates and inflation climb, with 31% citing higher prices as a reason why, according to Barclaycard Payments.
Entertainment platforms and beauty and grooming kits are among the categories most likely to have been cut back on.
The proportion of households signed up to subscriptions has dipped from around four in five (81%) a year ago to two-thirds (67%), according to Barclaycard Payments. 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.
