To conduct a survey on subscription service costs, researchers asked people to think about how many subscriptions they use and anticipate how much money they spend on them every month in general.
Consumers also had to estimate how much money they spend on different subscription services individually, such as streaming, apparel, and food.
The results of the survey were more than interesting. Namely, while people estimated they spend an average of $86 each month on different subscription services, they, in fact, spend 2.5 times more, i.e., an average of $219.
On top of that, the results also suggest that, besides not knowing how much money they spend on monthly subscriptions, people are also unaware of how many services they use.
For example, 74% of people overlook their monthly subscription service expenses, while 42% of respondents have stopped using a subscription service but didn’t realize they were still paying for it.
Mobile phones were the most forgotten types of subscriptions (31%), followed by the internet (30%) and TV/Movie streaming (22%).
When streaming services first debuted twenty years ago, many people decided to “cut the cord” and find an alternative to cable TV in the form of streaming services to save money.
However, due to the large number of streaming services on the market, 47% of respondents think they might become more expensive than paying for cable.
On that note, 33% of consumers (mostly Gen X and Gen Z) plan to reduce the number of their subscription plans in the following six months.