Nearly a quarter of subscription holders ‘say current service is too expensive’
Some 79% of people have subscriptions, with gym-goers being among the most committed to them, a survey commissioned by Adyen suggests.
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Your support makes all the difference.Four-fifths (79%) of people are signed up to at least one subscription, despite the pressure on household budgets, a new poll indicates.
But more than half (51%) would be willing to cut their service in order to save money, and nearly a quarter (23%) believe their current service is too expensive.
More than half (53%) of people surveyed across the UK believe their custom is taken for granted by providers, Opinium Research found.
The poll of 2,000 people in February was commissioned by Adyen, a global financial technology provider for businesses.
With increased demands on customers’ discretionary spending, subscription businesses will need to work harder to demonstrate value, according to Adyen.
Now more than ever, understanding customers' preferences and expectations is vital for building the lasting relationships subscriptions are known for
Among those who had cancelled a subscription, 43% would rejoin if the service was better at understanding what they liked.
The survey indicated that subscriptions to TV and film services are particularly popular, as are subscriptions to priority services and music.
Gyms were found to be slightly lower down the popularity list among the people questioned, but their members are some of the most committed to their subscriptions, with nine in 10 (90%) deeming their membership to be important.
Colin Neil, managing director of Adyen UK, said: “Our research shows that the UK subscription economy has reached a phase where retention and customer lifetime value are critical success metrics.
“Now more than ever, understanding customers’ preferences and expectations is vital for building the lasting relationships subscriptions are known for. Consumer data and technology will be pivotal in ensuring a consistency of service that keeps customers engaged.”