Question of the Day (Updated): How much have Americans increased spending on subscriptions during the Covid Pandemic?
Answer: Average increase of $192.30
Here is a look at which generations were more likely to sign up for a new subscription service.
- Have you ever signed up for a monthly subscription?
- If so, what do you subscribe to and how much do you pay?
- If not, do you know any family members who have subscriptions (who knows, maybe you even use their Netflix account:)
- Have you ever heard someone complain about signing up for a subscription that they didn't even know about? What happened?
- Why do you think consumers have increased their subscription service usage during the Covid Pandemic?
Behind the numbers (CompareCards):
"The average amount consumers reported spending on new subscriptions due to coronavirus-related circumstances was $192.30. Millennials led all age groups, spending an average of $315.90 on new subscription services. This represents a significant increase over normal spending, considering that a CompareCards survey from March 2020 found that the average American spends just over $50 per month on subscriptions."
One way to avoid losing track of your subscriptions is to review your credit card statement. Here's an NGPF Fine Print to teach your students how to interpret this statement.
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About the Author
After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.
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