It released the findings after commissioning Opinium Research to survey 2,000 people across the UK in June. Some 400 UK senior decision-makers at director level and above from a range of retail sectors were also surveyed.
Barclaycard Payments – which processes £1 in every £3 spent on credit and debit cards in the UK – found that, on average, businesses which offer subscriptions estimate nearly two-fifths (36%) of their revenue has been generated from these sales over the past 12 months.
However, with people going back to some pre-pandemic routines, Barclaycard data showed a 5.7% fall in subscription spending in May 2022 when compared to May 2021.
The research also indicated the appeal of sign-up products and services remains strong, despite economic uncertainty.
Nearly four in 10 (38%) people believe subscriptions offer good value for money and 34% said they help them manage their finances at a time of rising costs.
Convenience (42%), reassurance that key products will be regularly delivered (42%) and the ability to try new items which they may not normally purchase (55%) were also cited as key benefits.
