Singapore’s subscription addiction contributed to an estimated S$115 million to the economy every month, as Singaporean subscribers spend an average of S$57.69 monthly on their subscription services, based on the survey data released by Finder last Friday (15 January).
The global financial comparison site found that about 39 per cent of subscribers have more than one subscription and 19 per cent have three or more subscriptions.
Finder’s streaming editor James Dampney emphasized the need to weigh up the cost per use and review them often.
“It’s a good habit to regularly scan your financial statements and highlight any ongoing costs you’re subscribed to. Have a think about how many times you’ve used that service over the last month and decide whether or not it’s worth keeping,” said Mr Dampney.
“If you’re using the service regularly it’s probably worth holding onto. If you’re only using it sparingly, you might be better off cancelling and pocketing the extra cash,” he added.
Its survey result indicated Singaporeans aged 16 to 24 years old are most likely to have a subscription, with 84 per cent of people said they have at least one subscription.
About 59 per cent of the subscribers are aged between 45 to 54 years old, and another 51 per cent are aged 55 years old and above.
Entertainment streaming platforms reign supreme for the most popular subscription services islandwide, with 51 per cent of subscribers said they have a Netflix account and 37 per cent are using Spotify.
Additionally, 13 per cent of subscribers said they have Singtel GO or Starhub TV subscriptions, while 12 per cent subscribed to Amazon Prime and 8 per cent subscribed to HBO Go.
Finder said that 6 per cent of Singaporeans subscribed to Tingkat meal deliveries, 5 per cent subscribed to exercise app ClassPass, while wardrobe rental services like Curateur and MDS Collections each garnered 3 per cent of Singaporean subscribers.
The survey also revealed that 75 per cent of men are more likely to subscribe to a service, as compared to women with only 63 per cent.
Households earning a monthly income over S$9,000 are more likely to take out a subscription than those earning less, with 75 per cent of the subscribers earn S$9,000 to S$11,999 and 72 per cent of subscribers earn more than S$12,000.
It stated that only about 65 per cent of the subscribers earn less than S$3,000.