Study Indicates Tougher Times for Media Subscriptions
- Almost a quarter (24%) are cutting back on newspaper and magazine subscriptions
- Nearly a fifth (18%) say they are considering cancelling paid for TV
Research released today by communications experts Callcredit
Marketing Solutions shows subscriptions to magazines and newspapers
are being cut by consumers anxious to save money during the
recession. Over three quarters (82%) say that such subscriptions
are a luxury in life rather than a necessary expenditure.
24% said they were planning to spend less on such subscriptions
this year, with almost a fifth (18%) saying they will cut back on
paid for TV packages such as Sky. Over three quarters, (79%) of
those surveyed said that paid for TV was a luxury, with a further
fifth (18%) going as far as to say they are thinking of cancelling
their service this year.
In some good news for media companies, it appears that the older
generation are still holding on to their subscriptions. A fifth
(20%) of respondents over 65 said that they thought newspaper and
magazine subscriptions were a necessity, and 23% of this age group
thought that paid for TV was one of life's essential items.
The study, carried out by YouGov, asked 2500 people about their
current financial attitudes and steps they are considering taking
over the next few months. UK consumers appear to have abandoned
their 'borrow now, pay later' attitude and are now committed to
pulling themselves through their financial difficulties. 35% check
their financial statements more carefully, while 22% have started a
weekly or monthly budget.
Caroline Worboys, MD of Callcredit Marketing Solutions,
comments:
"The financial situation has knocked UK consumers'
confidence so it's no surprise that they are keeping a close eye on
their spending. The 'borrow now, pay later' bubble has burst and as
a result, people are letting go of the things they feel to be
non-essential to their lifestyle.
"The subscription model is a hugely valuable concept and is
fundamental in the fight to engage consumers and build a
relationship with them. It's crucial that companies use a mix of
methods and styles to communicate with their customers if media
content is to remain monetised."
ENDS
Notes to Editors:
About Callcredit Marketing Solutions
Callcredit Marketing Solutions (www.callcreditmarketing.com) designs and executes
marketing programmes with measurable customer value as the starting
point.
With marketing services from consumer data and contact centres
to direct marketing and credit marketing, Callcredit Marketing
Solutions helps clients gain greater knowledge of customers and
prospects, as well as the best ways to engage with them. By
transforming raw consumer data, into actionable customer insight,
it helps clients maximise marketing budget while encouraging
customers to buy more, do more and stay customers for longer -
measurably improving return on investment.
Callcredit Marketing Solutions' service offering
includes:
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Real-time channel-rich customer interaction capabilities
-
Customer value strategy, planning and analysis
-
Customer database build and management
-
Data processing and enhancement
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Consumer data assets including classifications, prospects and credit data supply
