Once upon a time, subscription was just a way to buy paper magazines on a recurring basis.
Now it can be anything – glasses, perfumes and coffee pods are just a few examples.
Nowadays, you can also subscribe to functions in the car such as steering wheel heating, something that thus becomes an option for the car you have already bought.
Digital subscriptions are increasing
All of this is an example of a tidal wave in our buying habits.
According to a forecast, digital subscriptions are expected to increase globally from a value of 650 billion dollars in 2020, to more than double in three years to 1,500 billion dollars – a development mainly driven by e-commerce (Source: Statista).
But there are also traps to watch out for as a customer.
Preliminary figures from the Swedish Consumer Agency suggest that complaints have increased for subscriptions, although most complaints concern small amounts.
"Always read the terms and conditions"
Bo Lång, consumer advisor at the Swedish Consumer Agency, urges customers to always read the terms and conditions for subscriptions.
- You should always find out: What am I subscribing to?
How long is the binding period?
And that there are contact details for the company so that I can end the subscription when the time comes.
In terms of personal finances, it can also be good to get an overview of your total expenses for different subscriptions.
Many smaller costs can easily be stacked on top of each other when the threshold for each individual purchase is lowered.
- The gym card is an example that many people can relate to. You sometimes pay a lot per month for something you may use little, says Sara Rosengren, professor of marketing at Handels.