According to the latest figures from the firm Aluma Insights, over the last six months 26% of American households have canceled a subscription, or chosen a cheaper offer, to a streaming or pay-TV service. In question an inflation rate that has never been so high for 40 years.
Americans are tightening their belts, except for their smartphones…
Faced with the increase in the cost of living, households have made more or less significant sacrifices. For example, 59% have stopped dining out, 53% have reduced their time spent in the car, and a third have stopped going to the movies, concerts or sporting events. Note that only 7% have reduced their spending on smartphone-related costs, showing the important place this device takes in our daily lives.
Voiceover to Michael Greeson of Aluma Insight
“Video subscription growth was already slowing before the recent wave of inflation,” notes Aluma's Michael Greeson. But rising prices for consumer goods and services, as well as housing, added fuel to the fire, putting more pressure on consumers to cut back on spending.”