Zuora research found that 58 million Brits (89% of the adult population) are now subscribing to at least one product or service, an increase of 11% from last year (bearing in mind a population increase of just .08%). The second installation of the UK-wide study, conducted by YouGov, quantifies the rising preference of UK consumers to pay a recurring fee for on-going access to services such as Netflix, Spotify or Graze, as opposed to buying products outright.
The key findings include:
- The Subscription Economy has transformed industries in the UK, from retail to gaming, data storage to healthcare.
- A quarter of the UK population predict that they will be subscribing to even more services over the next five years.
- Brits are now spending 12% of their monthly disposable income on subscription services.
- Subscriptions are just as popular with older age categories as they are with millennials.
- Many consumers would subscribe to internet-connected devices and services if commonly available in the future.
The study also explores why we are subscribing, what would make us subscribe more, and which industries will subscriptions disrupt next – including what businesses can learn from these insights.