Holiday subscriptions: Nearly 70% of consumers want to give and receive gift subscriptions
SAN FRANCISCO–(BUSINESS WIRE)–Subscription gifts are ready to fly for the holidays. According to a new survey from Recurly, a leading subscription management and billing platform, this holiday season will be big for businesses offering gift subscriptions, with 63% of consumers saying they would consider giving subscriptions as gifts. and 70% interested in receiving subscriptions. as a gift themselves. Gen Z (73%) and Millennials (72%) are leading the charge, with the majority saying they’re interested in receiving gift subscriptions.
Why consumers love giving and receiving subscriptions
It’s no surprise that consumers want to make choices. They say the main reasons they like receiving gift subscriptions are that it allows them to experience something new (60%) and that there are a variety of carefully selected options to choose from (44%).
“This holiday, consumers are looking for gifts of experience and utility, and that translates directly into a desire for subscriptions. As subscription brands begin to plan their holidays, optimizing their gifting experience is key,” said Theresa McEndree, chief marketing officer at Recurly.
“Gift subscriptions allow consumers to try something new or dig deeper into something they already love. And, with the wide range of consumer subscription types, there’s something perfect for everyone. everyone on their list – from pet lover to gamer to fashionista.
Recurly’s survey identified key trends related to shopping preferences that subscription brands should consider to meet consumer demands this holiday season.
Start offering discounts now
Twenty-two percent of consumers surveyed have already started their holiday shopping, and 40% say they will begin their holiday shopping sometime in November. With consumers signaling that they plan to purchase discounts and offers, companies with subscription models should use this time to implement custom pricing models for customer acquisition and retention to acquire subscribers and retain them over time.
Consider inspired packages
Strategic pairings, such as a streaming media and popcorn of the month subscription, a wine and cheese subscription, or a workout and fitness box subscription, will be the most compelling offers, as consumers surveyed listed experiences (43%), gifts, cards (42%) and entertainment (36%) as the top categories of gifts people would like to receive.
The majority of consumers, from Gen Z (73%) to Baby Boomers (53%), have an interest in receiving subscriptions as a gift, listing the top three favorite categories of subscription gifts to receive in the form of streaming video (40%), retail (28%) and audio streaming (27%). Finally, as video streaming (54%), games (39%) and audio streaming (36%) are the top three subscription categories most likely to be gifted, brands should consider partnering with each other beneficial.
Understand your gift givers
More than half of respondents say the current economy will impact how they give gifts this year, including spending less on gifts (64%), giving gifts to fewer people (39%) and searching for more deals (35%). Yet consumers indicated that close family members (59%), loved ones (55%) and friends (49%) will receive the most gifts this year.
Consumers surveyed indicated that the top three characteristics of a “great gift” are thoughtful (75%), useful (70%) and practical (40%), and subscriptions as gifts generally tick all three. Specifically, the top reasons people want to give subscriptions as gifts are because they’re easy to buy (53%), they fit the budget/price they want to spend (45%), and they are easy to deliver (41%). . Companies that can offer thoughtful and convenient subscriptions that are easy to buy and pay for will be the best.
Effectively leverage pricing and subscription durations
When thinking about pricing and promotions, consider that the majority of respondents (72%) are looking to spend less than $100 on a subscription service freebie, and 34% of consumers surveyed would purchase a 6-month subscription for the recipient of their gift.
From an acquisition perspective, most consumers surveyed say that if they received a subscription as a gift, they would continue the subscription after the gift period expired if they found the subscription fun, helpful, or helpful ( 52%).
“This is a powerful and unique opportunity for brands to grow as businesses leverage gifted subscriptions as an acquisition tool,” McEndree says.
Recurly provides a flexible and scalable subscription platform to support subscription commerce for thousands of brands worldwide. Recurly helps businesses scale subscriber growth by optimizing the customer experience while reducing operational costs associated with managing recurring billing and payments. Visit Recurly Gift Subscriptions for more information.
Thousands of innovative companies in digital media, streaming, publishing, SaaS, education, consumer goods and professional services rely on Recurly to unlock transformational growth using subscriptions. Recurly’s all-in-one integrated platform removes the complexities of large-scale subscription automation by allowing teams to easily manage and optimize their subscriber lifecycle. Category-defining companies like Sling, Twitch, BarkBox, FabFitFun, Paramount, Lucid, and Sprout Social have chosen Recurly to manage billions of dollars in recurring revenue, future-proof their recurring billing and revenue management, and recover millions of dollars of lost revenue. due to churning. Founded in 2009, Recurly is based in San Francisco, with offices in Boulder and London. For more information, visit Recurly.com.
About the “Holiday Holiday Gifts from Consumers and Subscribers” Survey
The “Consumer and Subscriber Gifts for the Holiday Season” survey is based on results of an online survey conducted by Recurly on September 8, 2022. The sample size included 2,472 Americans ages 18 and older. more planning to give gifts this holiday. season.