July 1st, 2022, Janice Fernandes
The pandemic and subsequent lockdowns saw consumers taking up streaming in a big way, but new data reveals that they are more likely to say they’ve cancelled at least one subscription in the past month. The increase in overall cost of living is likely to have consequences across many sectors. In a recent YouGov survey, across 18 global markets, we ask consumers in which areas would they first make cutbacks if their household budget is squeezed.
While eating out (60%), travelling (49%) and shopping for clothes (46%) top the list, canceling streaming subscriptions (35%) is also one of the areas where consumers are most likely to make cutbacks.
Mexico (49%) registers the highest number of consumers who say they would cut back on streaming subscriptions if their household budget is squeezed. Their North American neighbors – Canada (36%) and US (34%) – are less likely to pick ‘media subscriptions’ as the area where they’ll cut costs, but nevertheless they are almost on par with global respondents (35%).
Spain is the second-most likely market to identify streaming as vulnerable to cutbacks, registering over two in five consumers (44%). It is followed by Italy (43%). Britons (36%) are as likely as global consumers to look at cutting down expenses by canceling a few streaming service subscriptions.
Data indicates that streaming services are more important to consumers in most APAC markets. Australians (35%) and urban Indians (34%) are as likely as global respondents to cut back on media subscriptionsto save money. However, canceling streaming subscriptions for budgetary reasons is less popular in other countries in the region – Indonesia (31%), China (30%), Singapore (29%) and Hong Kong (27%).
UAE is the least likely of all 18 markets to cut back on media streaming subscriptions if the rise in cost of living squeezes consumers’ budgets (25%).
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Methodology: The data is based on the interviews of adults aged 18 and over in 18 markets with sample sizes varying between 508 and 2,065 for each market. All interviews were conducted online in May 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples.