End of year reporting has found that the number of households subscribing to streaming services fell sharply as the cost of living crisis intensified.
According to Forbes, in the face of the highest inflation rates in 40 years, the luxury of Netflix and Amazon Prime subscriptions has been one of the first things to go when families reassess their spending.
Although the Christmas period saw the demand for the services pick up slightly, entering the new year it is observed that this trend was short lived and that many would be cancelling their subscriptions within the first months of 2023.
Streaming has always been described as the future of television and film – and the market leaders gained dramatic viewing figures during the covid pandemic while cinemas were closed and live television providers were unable to produce fresh content.
After years of strong growth in the sector however, the streaming revolution might be beginning to flatline. The smaller services established in recent times face further difficulty in remaining a worthwhile expense as one of several streaming services subscribed to by households.
This subscription fatigue, in addition to a decline in consumer confidence, is leading to many scaling back on these subscriptions which in some cases could save a household around £300 a year.
At a time when these savings could be better spent on essentials such as the increased cost of the weekly shop, or contributing to our higher energy bills – it is no wonder that consumers are reassessing their home entertainment subscriptions and making cutbacks.
There could be some other ways you could save on household spending – our guide below could help you find the best additional ways to cut your spending during the cost of living and reduce your financial worries.
Other Ways Your Household Could Be Saving
Create a Budget
If you are looking to make further savings, we thoroughly recommend creating a budget. If you take time to sit down and calculate your incoming money and your monthly outgoings it can help you keep a closer eye on your spending.
Once you have a clearer visual on your financial spending, it is much easier to see the areas in which you can save. It is likely that this simple saving method has led to a number of people cancelling TV subscription services they don’t use frequently.
Save On Energy
As the cost of household energy soars, it would be a mistake to ignore how you are using energy in the home and take advice on how you could lower your energy bill.
Start by turning off your electrical items when they are not in use instead of keeping them on standby, and switching off lights when you are not using rooms in the house.
When it comes to heating, you could keep yourself warm by wearing additional layers around the home. If you do need to have the heating on, by turning down your thermostat by even one degree it could result in some savings.
Checking In With Your Providers
From your heating and electricity, to your water and internet, the monthly outgoings on these household services will be a considerable chunk of your budget. If you haven’t checked in on this spending in a while, you could in fact be paying too much when there are other cheaper options out there.
Inquire with your providers as to whether there is a better deal available to you. It could be worth your time researching what other providers are offering as they might be better suited to your needs at a cheaper price.
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