According to the Subscription Commerce Conversion Index, a PYMNTS and sticky.io collaboration, the estimated number of U.S. consumers who use a least one retail subscription comes in at 61 million. The data indicates there could be as many as 225 million active retail subscriptions in place – more than ever before.
See also: Subscription Commerce Conversion Index
Surveys of more than 2,100 U.S. consumers revealed that the average subscriber holds about 3.7 subscriptions (hence the 225 million active subscriptions extrapolated from that number). The report found that the share of consumers with retail subscriptions has grown almost threefold since Q1 2020 of last year, just before the pandemic hit, reaching a new peak of 24% in Q3.
A significant majority of all demographics surveyed – at least two-thirds of all consumers – have streaming accounts in place as of the latest readings. Drilling down a bit, more than half of Boomers have streaming accounts, while more than 70% of all other cohorts do.
And yet, there may be a culling effect in the offing, as consumers reexamine what they are actually using and what they are paying for. About 45% of Gen X subscribers and 40% of bridge millennials want to cut back on costs, and will thus eliminate at least one subscription.