Money Spent on Subscription Services

A study done by Expert Market Research looks into how much customers spend on subscriptions on average. The survey shows that 71% of respondents spend less than 1000 on subscriptions each month, whereas only 20% of subscribers spend more than 1000 on average and only 6% of respondents don’t use subscription services. The article also talks about how businesses can leverage this information to succeed in this competitive industry.

Spending on subscription has seen a rise of over 15% over the past few years according to some reports. This increase is a positive indicator for subscription based businesses as it shows that customers are ready to spend more on their offerings. To verify and look further into this Expert Market Research conducted an extensive study where it surveyed over 50000 respondents from across all famous Indian metro cities where it found just how much do people actually spend on their subscriptions.

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The survey cleary shows that average spend in India on subscriptions is very low reaching a max of 1000 as over 71% respondents don’t spend over 1000 wherein 42% don’t even spend over 500. A significant chunk representing over 6% of respondents don’t even use any subscriptions showing that they are potential customers to whom market leaders have yet to capture. Businesses don’t have to worry about low spending as even with the majority not spending over 1000 over 20% do spend money on subscriptions ranging from 1000 to 5000 showing that even in an economy like India where avg income is not that high there are many high value customers who will only increase with the current growth rate of India’s economy.

The survey allows businesses to gain an insight into the Indian subscription market. By using this data enterprises can furthermore find the most suitable price point for their offerings. This will allow them to access a larger market where they can also introduce multiple types of plans for different price points increasing their customer base. A study done by Expert Market Research reveals further insights into this and reveals other aspects which are just as essential in attracting customers.

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Industry leaders such as Netlfix, Disney+, Open AI, Sony LIV, Spotify offer plans at different price points, giving perks such as no adds and greater accessibility at higher prices. Such a practice has allowed these leaders to access all parts of the customer base by presenting both cheap and expensive plans. The study further explores what new businesses can do to capture the market and carve out their own base helping them grow and succeed in this highly competitive and ever evolving industry.