Have you cut back on any subscriptions to save money?
More than a third 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.
Barclaycard Payments – which processes £1 in every £3 spent on credit and debit cards in the UK – found that, on average, businesses which offer subscriptions estimate nearly two-fifths of their revenue has been generated from these sales over the past 12 months. Nearly four in 10 people believe subscriptions offer good value for money and 34% said they help them manage their finances at a time of rising costs.
While over half of subscription providers are planning to cut prices on their subscription products, nearly as many intend to increase prices due to soaring inflation and supplier costs. When asked what would make them more likely to sign up to subscriptions in the future, 38% of people said good value, 32% would be encouraged by a free trial, 27% would look out for free delivery and 21% said flexible contracts would be appealing.
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