Two fifths of consumers planning to end subscriptions

More than two fifths of UK consumers are planning to end subscriptions, or already have, with film and TV the most likely to go, a survey suggests.

Overall, 79% of consumers are signed up to at least one subscription, paying an average of £497.47 a year.

However this will fall to £293.51, according to the poll for financial technology platform Adyen.

The survey found consumers are signed up to an average of three subscriptions, paying an average of £15.13 a month for each service.

Film and TV

Film and TV services are the most popular subscriptions, held by 74% of consumers, while 48% are on music streaming platforms.

Adyen’s first Global Digital Report found that 41% of consumers have already, or are planning to, end subscriptions as they try to offset ongoing cost-of-living pressures.

Some 18% are planning to end their movies and TV subscription, followed by music (15%), priority delivery services (16%), food delivery (15%), gym memberships (14%) and weekly food subscriptions from grocery stores (12%).

Essential

Trevor Nies, global head of digital at Adyen, said: “Earning a customer’s repeat purchase has to be won month in month out by a business looking to tap into a subscription model.

“Consumers will only subscribe if the service is exceptional or considered essential, and if the product is beautiful and provides something that can’t be accessed elsewhere.

“But also people want the process to be easy and the payment process to be frictionless.

“We often find that businesses can be working more seamlessly with payment providers to ensure details are current and kept secure to greatly decrease the likelihood of monthly declines.”