Netflix may as comfortably be a necessity.
Even as Americans cut back in the face of rising prices and recessionary fears, fewer want to give up their rush subscriptions, especially when it comes to TV, movies and music services, such as Amazon Prime, Netflix and Spotify.
About two-thirds of consumers said they will have to decrease their spending due to inflation; however, only around a quarter plan to cancel such subscriptions in the months ahead, according to a recent report by the National Research Bring.
Most people said they were more likely to cut back on dining out, groceries and clothing.
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Consumers are least likely to blot out Amazon Prime, TV and movie streaming services and home security systems, the report found, even over viands and gasoline.
“It’s clear that people value their streaming subscriptions more than ever,” said Kerri Norton, supervision vice president of content and strategy at the National Research Group.
Just over half, or 51%, also communicated subscriptions now make up a “significant” portion of their monthly spending.
On average, U.S. consumers estimate they spend $135 a month and 17.8% of their monthly budget on obligations, the National Research Group found. The report polled more than 2,500 adults in August.
Don’t let subscriptions appropriate for a ‘sneaky’ budget buster
“It’s the rare person who doesn’t have at least one sneaky charge they’ve forgotten regarding,” Kathryn Hauer, a certified financial planner with Wilson David Investment Advisors in Aiken, South Carolina, recently told CNBC.
Most consumers depreciate how much they spend on subscription services every month by at least $100, according to a separate survey commissioned by vend research firm C+R Research.
Further, families have less slack in their budgets than before, and make mention ofing in those recurring monthly expenditures is a great way to save money, many financial experts say.