Question of the Day: How many paid media and entertainment subscriptions do Gen Z consumers have?

|
Oct 11, 2020
|
Question of the Day, Budgeting, Research

Answer: 14

Questions:

  • How many paid media and entertainment subscriptions do you have? Have you added/dropped subscriptions since March of this year?
  • How much do each of them cost? 
  • With the subscriptions you have, prioritize them from most to least important. 
  • Are there any that you have signed up for that you forgot you had?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Deloitte Digital media trends survey, 14th edition)

Among Millennials, 40% felt “overwhelmed” by the number of subscriptions they manage, and 43% intended to reduce them. For Gen Z and Gen X, these numbers hovered around 30%, suggesting that many consumers have signed up for more services than they can handle or afford. For providers, customer churn may become a growing problem.

Since the COVID-19 pandemic began, consumers we surveyed have been adding and cancelling subscriptions (figure 3). For example, 20% of US consumers made changes to their streaming music subscriptions: 12% added at least one service, 5% cancelled at least one, and 3% added some and cancelled others.

-------------------

Check out this FinCap Friday on streaming services called The Endless Stream

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.