From streaming services to meal kits, subscriptions are big business these days.
According to a 2021 survey, 61 million Americans have at least one retail subscription service. Based on an average of 3.7 subscriptions per consumer, the research indicates there could be as many as 225 million active retail subscriptions currently in the U.S.
The same survey found that the percentage of consumers with retail subscriptions has nearly tripled since the pandemic began, reaching 24% in the third quarter of 2020.
For credit unions, subscriptions present a compelling opportunity to grow interchange revenue, expand credit and debit portfolios and enhance the Primary Financial Relationships (PFRs) they have with their members.
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