Study Suggests ‘Subscription Remorse’ May Be Bottoming Out

Consumers’ use of retail subscriptions remained relatively stable in May after falling in March. 

The average U.S. consumer now has 3.9 retail subscriptions, according to the “Subscription Commerce Conversion Index,” a PYMNTS and sticky.io collaboration based on a survey of 2,122 consumers and 211 subscription commerce merchants. 

Get the report: Subscription Commerce Conversion Index 

The average of 3.9 subscriptions in May 2022 was down from 4.1 in March 2022 and 5.0 in October 2021. 

The figures change across generations, but all five generations included in the study have fewer subscriptions than they had in October 2021, and three of the five have fewer than they had in March 2022. 

Millennials and bridge millennials have the most subscriptions, with an average of 4.7 and 4.6, respectively. Generation Z and Gen X consumers are in the middle, with each having an average of 3.6 subscriptions. Baby boomers and seniors have the fewest subscriptions, with an average of 2.0.

The average number of subscriptions held by baby boomers and seniors increased from 1.8 in March to 2.0 in May, and bridge millennials’ subscriptions inched up from 4.5 to 4.6. The other three generations have fewer subscriptions than they had in March, with the average millennial slipping from 4.8 to 4.7, Gen X sliding from 3.8 to 3.6 and Gen Z plunging from 5.2 to 3.6. 

When the current figures are compared to October 2021, however, all five generations have fewer subscriptions. The average number of subscriptions held by baby boomers and seniors inched down from 2.2 to 2.0, while other generations saw steeper drops — Gen Z and Gen X subscriptions fell from 4.9 to 3.6, bridge millennials’ dipped from 5.5 to 4.6 and millennials’ dropped from 5.6 to 4.7. 

PYMNTS’ research found that, for most consumers, convenience and enjoyment are the principal drivers of retail subscription behaviors. Pricing is not everything to consumers, even in a time of steep inflation. 

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