Pessimism among British households has reached unprecedented levels, as wages are struggling to keep pace with inflation, which reached a 40-year high of 9 percent in April and is heading towards double digits.
As a result, many may have to save on family budgets.
Market research firm Kantar reported that 37 percent of UK consumers cited a desire to save money as a reason to cancel music subscriptions in a market that has been dominated by apps such as Spotify, Apple and Amazon in recent years.
“The high rate of cancellation of music subscriptions is evidence that British families are beginning to prioritize spending their disposable income,” she added.
It noted that the fastest rate of cancellation of subscriptions to music applications in Britain was among younger consumers, as the proportion of people under the age of 35 with access to a music application fell from 57 to 53.5 percent year on year.
The company said that the overall proportion of individuals subscribing to at least one music app was 39.5 percent among adults in Britain in the first quarter of 2022, compared to 39.7 in the same period the previous year.
In April, Kantar reported that Britons were canceling their subscriptions to TV and movie streaming services.
In order to cut costs, the British have also turned to buying less expensive branded products and resorting to discount stores instead of buying from large supermarkets.
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