UK consumers are increasingly opting to pay a monthly fee to subscribe to a service, rather than buy it outright, new research has shown.
A whopping 40m Brits (78 per cent of the adult population) are now subscribing to at least one product or service.
Video streaming services are amongst the most popular kind of subscription in the UK, with over a quarter (27 per cent) of consumers paying a fixed cost for the likes of Netflix, Amazon Prime or Sky Go.
Other digital services have also proved popular, with 10 per cent of the population now subscribing to music streaming services and 15 per cent to software and online storage, the YouGov poll revealed.
“We are witnessing a once-in-a-century shift from a product era to the dawn of a global subscription economy. The way consumers like to consume goods and services has changed dramatically,” said subscription software company Zuora’s chief executive Tien Tzuo, who is the company behind the research.
Elsewhere, 17 per cent now subscribe to media publications and 12 per cent to financial services.