Zuora research found that 40 million Brits (78% of the adult population) are now subscribing to at least one product or service. 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 including music, TV, media, and food and drink
- More than a quarter of the UK population (27%) now subscribing to video streaming services such as Netflix, Amazon Prime or Sky Go
- 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.