Dating apps are dropped during summer, but make a return for users looking to match up during cuffing season. The research, carried out by Money.co.uk, revealed that not all subscriptions are maintained throughout the year and the research has analysed the trends in consumer behaviour, looking at whether singles are actively seeking to cancel their subscriptions throughout 2021 and evaluating these trends.
As the UK come to the end of another year in a global pandemic, newly adopted COVID-19 behaviours are now becoming embedded habits in single’s everyday lives rather than short term adjustments.
Recent research developed from surveyed retailers and consumers found that 65% of UK homes are signed up to regular subscription services, with an average of seven contracts per household. Nonetheless, our research shows that the cost of purchasing through subscriptions in the UK is lower than traditional methods of shopping, with a monthly average of £457.24 compared to £536.03.
The research found that memberships for dating platforms were usually twinned with gym memberships, specifically as Valentines Day approaches.
Salman Haqqi, personal finance expert at Money.co.uk, said: “The data has revealed not only the growing interest in signing up to subscription services, but also highlights some interesting trends related to when consumers are searching for answers on how to cancel these subscriptions too.
With this subscription surge and many more households signing up to multiple subscriptions services, more consumers are opting to use their credit cards instead to manage these payments for various reasons.
Using your credit card online instead of your debit card is a more safer option for shoppers as it protects you from fraudulent charges under the Section 75 of the Consumer Credit Act.
This has become even more important since the pandemic forced many people to make their purchases online instead, increasing the risk of cyber fraud.
Using a credit card for any recurring payments can also maintain or even in most cases increase your credit score, as long as these payments are made on time, so be sure to check your credit card statements so you know which subscriptions you are being charged for and when.
As we enter another year during COVID-19, it will be interesting to see if these trends continue, or if they shift as the world moves towards newer and safer methods of spending money.”