A survey conducted by Recurly found that consumers tend to be loyal and spend more money with brands and businesses they subscribe to. Consumers want to spend their time and money on in-person dining, domestic travel, and in-person entertainment and events as pandemic restrictions ease.
Subscription services are set to double in the next three years, and businesses are capitalizing on the loyalty of subscription services as traditional retailers and in-person businesses look to scale.
Providing exclusivity and creating consumer-led pricing models to experience services is a major factor in successful retention and growth:
51% consumers feel more loyal with the brands they subscribe to.
42% tend to spend more money
86% of consumers spending up to $200 per month on subscriptions.
40% consumers say that having exclusive access to content or services is a main reason for signing up for a subscription
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