TV streaming sees highest growth in 5 months
A study by Barclays Bank has shown that while grocery spending tracking far below food price inflation, digital content & subscriptions has seen its highest growth since October 2022.
Spending on digital content and subscriptions increased by 4.1%, driven by the latest season premieres of popular shows such as Succession, Ted Lasso and The Mandalorian.
Esme Harwood, Director at Barclays, said: “The below-inflation rise in grocery spending shows that Brits are still trying their hardest to shave money off their weekly shop, as energy bills continue to rise. Cutbacks are also impacting restaurants, with a number of cash-strapped consumers even avoiding social plans that involve meals out.”
John Phillips, SVP and General Manager at subscription management software provider Zuora, said the finds should not come as a surprise. “Even during tough economic periods, subscription services can be a very attractive option for those needing to count the pennies. This is because they enable individuals to consume on their own terms. Those paying for subscriptions are able to use a service as little or as much as they like. If they decide it’s not for them, they can opt-out quickly and easily. Being able to schedule payments and temporarily put a subscription on pause can also help individuals to better manage their finances over a certain period of time.
Within individual categories, Gen-Z consumers are spending twice as much (101 per cent more) as older consumers on fast food & takeaways. Conversely, older age groups spend nearly six times more (488%) than Gen-Z on Home Improvements & DIY.
