(Image credit: iMore / Stephen Warwick)
By
Source: www.imore.com, July 2023
What a downturn.
Research conducted by Future between May 2022 and March 2023 has revealed that as the cost of living bites, 50% of respondents in both the UK and the US are stopping or cutting back on entertainment subscriptions like Netflix and Spotify.
The research, which is powering the relaunch of our tech-expert buddies over at TechRadar, was conducted over three separate surveys in May 22, September 22, and March 2023.
It comes as the cost of living crisis and rising inflations sees consumers searching for ways to cut costs or to find better value in the services and subscriptions they pay for.
Cutting back
The cost of living research asked TechRadar readers whether they would consider, or had recently started “stopping or cutting back on entertainment subscriptions (e.g .Netflix, Spotify, Disney+, Amazon Prime Video etc).”
50% of readers in both the UK and the US answered yes, showing that half of all consumers are tightening their belts when it comes to digital subscriptions.
It comes as Netflix clamps down on password sharing amongst users, and has rolled out an even cheaper ad-supported tier. With subscription fatigue now stronger than ever, it’s clear that digital subscriptions in general are on the chopping block.
Interestingly, however, purchases of physical tech are much more important. Both US and UK respondents said they were more likely to cut back on eating out, going to the bar/pub, and similar socializing before putting planned tech purchases on hold or canceling altogether.
90% of TechRadar’s core audience and 86% of all respondents say they agreed that it was now “more important than ever” to get a good deal on tech. That means events like Amazon Prime Day, which has already brought a swathe of great Prime Day Apple deals to the table, are the perfect opportunity to make some handy saving
