The Youth Powered Growth of Subscriptions
Subscriptions have existed in one form or another for countless years. In the past subscription models were typically used for very simplistic things. A newspaper delivery service, a subscription to a store for reduced prices, things like that. Today these subscriptions have become much more complex. Now they’re monthly boxes of unique themed items, they’re streaming services, they’re entire subscription based stores.
These changes and innovations have been fostered by a few things. First and foremost the COVID pandemic. COVID created a circumstance where few people had the resources to go out as consistently as is realistically necessary. It became much easier and safer to opt for online, remote alternatives. Subscription services thrived off of this change, Amazon Prime, Doordash, Instacart, these all boomed.
On top of that effect, the youth of today already value convenience highly. In a time where convenience is so accessible, the desire for more is only natural. The difference between generations and the subscriptions they purchase is massive. Baby boomers and millennials have an almost 30% difference in their subscription purchase habits.
So today subscription based services are massive and thriving, and that’s due to changing desires. What’s interesting moving forward is how that is changed and taken advantage of. Already streaming services like Netflix and Hulu are increasing prices and cracking down on sharing. How will this bleed into the range of other services that exist? This is the question for streaming today, which currently is a time, money, and resource saver.