February 10th, 2023, Clifton Mark
Rising costs of living around the globe have led many to consider where they might cut costs. A new YouGov survey of 18 global markets indicate that groceries are the product category that the greatest proportion of consumers (55%) have become most price-conscious of over the past six months. Groceries are followed by utilities (36%) and clothing and shoes (35%). Yet those are not the only area that people are reconsidering their spending; 16% of global consumers also say they’re conscious of streaming subscription prices.
North American markets top the list of most price-conscious when it comes to streaming subscriptions. More than a quarter of Mexicans (27%) say they’re conscious of streaming prices, taking the top spot. Canadians are second with 21% and Americans are fourth with 18%.
There is significant variation among APAC markets. India is the third most price-conscious of all markets surveyed at 20%. Singapore (17%) and Australia (18%) are just above the global average of (16%) while Hong Kong (11%), China (12%) and Indonesia (12%) are well below average on this metric.
France is the least price-conscious market when it comes to streaming subscriptions at only 8%. Germany (9%) and Poland (11%) are also near the bottom of the list. Other European markets such as Spain (18%) and Sweden (17%) are nearer the global average.
Age also makes a difference to price-consciousness in some markets. Globally speaking, younger demographics are more concerned with the price of streaming subscriptions, with 18% of those aged 18-44 describing themselves as such. This drops to 16% for 45-54-year-olds and down to 12% for those older than 55.
In some markets, age correlates differently with this variable. For example, in Britain, only 13.5% of 18-24 year-olds are concerned with streaming prices, perhaps because they rely on family streaming services. However, this goes up to 22% for 25-34-year-olds, 18% for 35-44-year-olds and 21% for those aged 45-54. Concern with streaming prices drops in the 55+ age range to 12%, the lowest of all age groups. In the US, by contrast, there is little variation among age groups, with 18-24-year-olds being the least price-conscious group at 17% and 35-44-year-olds being the most price-conscious at 20%.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2044 for each market. All surveys were conducted online in December 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. Learn more about YouGov Surveys: Serviced.
Photo by Glenn Carstens-Peters on Unsplash