Snapshot: Europe Subscription and Recurring Payment Market 2021

Snapshot: Europe Subscription and Recurring Payment Market 2021

As COVID-19 lingers, major online retail and payments players are opting for subscription models: yStats.com report

A new publication from Hamburg-based market intelligence firm yStats.com, “Snapshot: Europe Subscriptions and Recurring Payment Market 2021” reveals continuing interest of consumers and businesses to the subscriptions business model together with recurring payments. The market is set to grow in the European countries in the next five years, and companies need to adjust their business model to the new trend.

Global subscriptions and recurring payment markets are to grow in the next five years

After the onset of the coronavirus pandemic, the subscriptions and recurring payments markets accelerated, as consumers were restricted to visit physical stores and saw new economic advantages in the model. This was proofed by several studies cited in the new yStats.com publication: about every four in ten global consumers chose new subscription option after the beginning of the pandemic, as reported by a 2021 survey. For businesses in the post-pandemic times, even more revealing fact that almost a quarter of the new subscribers in the United Kingdom did so because they liked the simple idea of such purchases. Overall, the subscriptions markets in the countries considered in the new yStats.com report were forecasted to grow in absolute values, but as these mature, the growth rates were set to be lower than during the first waves of the health crisis.

Consumer worldwide prefer certain product categories to sign up for

On the global scale, “Boxes”, “Video”, and “Multiservice subscriptions” were the top three subscription categories in 2021, however, in 2025, “Multiservice subscriptions” were expected to outrace “Video”. In Europe, furthermore, the 2021’s ranking was similar to the global one and was forecasted to remail like this even in 2025, according to the new yStats.com publication. Meanwhile, in France, “boxes” were chosen as the top subscriptions category in a 2021 survey cited in the new yStats.com publication, and this category was projected to remain the leader in 2025. Additionally, in the United Kingdom, the top three subscriptions platforms inn 2021 were Amazon, Graze and Nextunlimited, with three quarters of the subscribers having accounts in more than one service.