Top Trends Driving Growth of Subscription Economy and Ending the Era of Ownership

Buying patterns around the globe are changing significantly ever since the new work culture has come into existence. While millennials are constantly traveling for jobs and shifting to new geographies, ownership has certainly reduced for durable goods. Be ready to witness some more downfall in the graph in near future!

But durable utilities are a need. How are people surviving without them?

“With the end of ownership” does not signify the end of usage. The buying behavior is taking over the market with “Subscription”.

A study conducted by the Harris Group also recently pointed to the fact that a huge chuck of population, around 57%, wished they could own a little less stuff from what they currently own.

Ownership of products is slowly becoming obsolete with changing behavior, as lives are becoming nomadic day-by-day. Moreover, filling up houses with goods is also being considered liabilities.

Do you know what is coming in trend these days? Why own when you can subscribe?! The mindsets are changing. Thus, giving rise to a whole new segment of the business.

Do you know the first industries to get hit by subscription billing setup? Find out how subscription billing started taking over:

  • Music Industry: the sale of CDs and music players have significantly gone down when online streaming and downloaded started back in 2000. Music subscription billing, today, accounts to a whopping 62% of the total sales with a $10 billion mark.
  • Print Industry: do you wake up to the newspaper at your doorstep every morning? Neither do I.
  • The last year has seen a 30 million copies decline in newspaper and magazines sale globally. But, the overall consumption jumped to a hike of 300%. Moreover, to save more paper, online consumption of news and media has spiked. Online media is fast, responsive, and much more detail-oriented, hence preferred more.
  • Automobile Industry: While the automobile sale declined 2.8% from 2017, overall miles traveled have increased. It isn’t that people traveled any less. It is all about how they changed their modes. From traveling solo, now cabs and shared rides have taken more inclination.

So, what is driving such a change in buying patterns? How are brands supposed to react? Find out what your buyers feel now.


Read the full blog here. Original article source:

https://marketing-invoicera.medium.com/top-trends-driving-growth-of-subscription-economy-and-ending-the-era-of-ownership-de7e053d0056?utm_source=articlesub_blogger_SY&utm_medium=medium_DrivingGrowthofSubscriptionEconomyandEndingtheEraofOwnership_SY

Location: United States

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