Recurly: Brits willing to gift and receive subscriptions this Christmas despite cost-of-living crisis
Food and beverage boxes and video streaming services are predicted to be popular presents this Christmas as consumers look to subscriptions to make their gifts go further amid the cost-of-living crisis.
Research released by Recurly, a subscription management and billing platform, found seven out of ten people in the UK said the economy will change the way they approach gift giving this Christmas. 39% will spend less this year, while 26% will simply choose fewer people to give gifts to.
38% of the 1,000 Brits surveyed were interested in giving a gift subscription this Christmas, with the average person willing to spend a maximum of £75. 24% of people have already received subscriptions as a present previously.
Food and beverage packages, such as Beer52, Candy Club, and Naked Wines, are the most popular subscription options to receive as gifts for 32% of respondents. Health and fitness subscriptions (26%) are also becoming popular, followed by in-person entertainment (23%) and streaming video services (23%).
“The window of opportunity for businesses to get ready for the holiday season is closing fast, and service providers need to make sure they’re providing consumers a good value for gift subscriptions, extending their acquisition efforts long after the holiday season is over,” says Oscar Wall, General Manager EMEA at Recurly.
63% of those surveyed would consider continuing with their service after the gift period had ended. Services that are seen as affordable (22%), exclusive (19%) and fun (17%) were most likely to be kept on - some for as long as an extra seven months after they had expired.
“This Christmas might look different as consumers rein in their spending, but the excitement around gift-giving means people still want to find the right gift for the right person,” Wall says.
“Subscriptions are perfect in their ability to offer new experiences as well as being a great alternative for people looking to spend less this Christmas. There’s clearly an appetite for subscriptions from both gift givers and receivers, and the wide array of services on offer hopefully means we won’t be unwrapping socks this Christmas.”
Continue reading…