How much do you think you spend each month on any and all subscription services? We’re talking Netflix, Hulu, Chewy, Hello Fresh, that dating app that does
me you little good…. Come up with an answer, and then think again.
In a recent report from the consulting firm West Monroe and cited by ZDNet, the average consumer (of 2,500 surveyed) spends on average $273 per month on TV streaming subscriptions, home Wifi, mobile phone services, cloud storage, dating apps, ebooks, pet supplies, meal services and the like.
That marks an increase of 15 percent versus what polled respondents were spending per month back in 2018, pre-pre-pandemic.
Just as interestingly, those surveyed were given not one but three tries to guess, off the top of their head, what their total monthly outlay is. Eighty-nine percent underestimated the gross number, with nearly half falling short by $100 to $300!
“It is reflective of the growth of products and services available to us as subscriptions, and the buying behavior that has changed, driven by COVID,” a partner at West Monroe noted.
“What was most surprising to see was the perception gap between how much respondents thought they spent on subscriptions per month versus what they actually spent,” he added. “The percentage of respondents who were off by more than $200 grew to 66 percent, from 24 percent in 2018. This increase in perception gap is indicative of how some of the subscriptions are now viewed as utilities.”
What sorts of subscription services — besides good ol’ streaming TV — do you pony up for each month? And are you almost afraid to sit down and do the math to see what it all adds up to?