Barclays issues message to anyone with Netflix, Disney Plus, Amazon Prime or Apple TV
Almost nine in 10 (88 per cent) UK adults are signed up to at least one subscription service, the high street bank found.
Barclays has warned customers are spending MORE money on subscriptions and streamin g as the Cost of Living continues. Almost nine in 10 (88 per cent) UK adults are signed up to at least one subscription service, including Netflix, Disney Plus, Amazon Prime or Apple TV, the high street bank found.
The most popular subscriptions are film and TV streaming platforms (67 per cent), with consumers spending £175 on average a year each year on these services. This is followed by household essentials (61 per cent) and premium and prime delivery options (48 per cent).
Barclays data showed spending on digital content and subscriptions increased 5.1 per cent in February – marking two years of consistent growth for the category. One in 10 (9 per cent) say they have, or plan to sign up to a subscription service so they could watch a popular new series such as ‘The White Lotus’ or ‘Severance’.
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However, rising prices remain front of mind as three in five (61 per cent) are concerned about the cost of digital content and subscriptions – otherwise known as ‘streamflation’. To avoid overspending, three in 10 (28 per cent) have reviewed their subscriptions to make sure they are only paying for what they use, and one fifth (20 per cent) have cancelled or are planning to cancel a subscription because it has become too expensive.
Will Hobbs, Head of UK Multi-Asset Wealth at Barclays, said: “The outlook for the UK economy remains better than widely anticipated.
"Much of the prospective uncertainty continues to rest uneasily on assumptions that the decade past must be prologue. Aggregate household financial strength allied to positive real wage growth and a gathering industrial revolution are all reasons to think that the path ahead may be a little brighter.”
Barclays sees nearly 40 per cent of the nation’s credit and debit card transactions, which provides the bank with unique insight into UK consumer spending.
Barclays has been tracking consumer confidence since December 2015. The net confidence measures have been calculated by adding together the responses of those said they were feeling “fairly confident” or “very confident”.