In the midst of a looming recession, more than 60% of consumers say they have between one and four subscriptions and plan on keeping it that way
SUBTA, the first and only trade association serving the subscription commerce economy, released a preview of its highly coveted State of the Subscription 2023 Annual Report and announced that the full report will be made available exclusively to in-person attendees at SubSummit, the world’s largest conference dedicated to direct-to-consumers and e-commerce subscriptions, in Dallas on May 31 – June 2.
The preview of the highly-anticipated report showcases critical data and insights such as:
- Almost 80% of consumers plan on keeping the same number of subscriptions or increasing them in 2023.
- 61% of consumers have between one and four subscriptions.
- Almost 77% of consumers plan on spending the same amount of money or less in 2023 compared to 2022.
“Our research shows that the subscription industry will continue to grow, despite high inflation and minimized consumer spending,” said Paul Chambers, co-founder and CEO of SUBTA. “Price and value were the top two reasons customers canceled subscriptions in 2022. With this in mind, brands need to be keenly focused on how they engage their community and enrich their lives beyond the product or service they offer.”
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As the leading authority in the DTC subscription space, SUBTA has gathered internal and external data in an all-encompassing report to help subscription businesses understand the critical shifts that are taking place in the e-commerce space.
“Insights from the Subscription Commerce Industry Outlook Report have shown us that subscriptions will continue to be a part of everyday life,” said Chris George, co-founder of SubSummit. “However, in the midst of a looming recession, consumers have become increasingly critical of the value of each subscription. For organizations that want to be at the forefront of industry success, attending our webinar in March and SubSummit will arm them with critical tools and proven strategies to maximize their growth in 2023.”
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