Russians Persist in Paying for Unneeded Subscriptions, According to VTB
Updated Article
Hey there! Let's talk about the Russian subscription conundrum. It seems that a whopping 54% of folks in Russia keep their paid subscriptions, hoping they'll need them later. Fear of losing discounts and a lack of knowledge on how to cancel a subscription are other significant factors.
This subscription management issue is a common struggle for many Russians: nearly a third have two to three paid subscriptions, and another quarter just one. However, 25% of respondents have encountered unexpected charges for services they didn't use in the past year, with approximately 33% admitting it happens two to three times per year.
Online cinemas take the top spot on the list of unused paid services, with almost half of respondents (46%) still shelling out cash for them. Multiservice subscriptions come in second (39%), followed by music platforms (28%). Other overlooked services include cloud storage (17%), gaming subscriptions (13%), fitness apps (10%), educational platforms (8%), and digital magazine and newspaper subscriptions (6%).
Financial losses from forgotten subscriptions can pile up – 39% of respondents spend between 300 and 500 rubles each month on such services. In fact, 8% of Moscow residents lose between 2,000 and 5,000 rubles monthly, that's a hefty sum!
Regionally, the spending habits vary. For instance, Moscow residents tend to throw money at unused fitness apps (15%), whereas St. Petersburg and the Leningrad region dwellers have a penchant for educational platforms (16%).
So, why don't people cancel their subscriptions? Well, 54% are hoping to use the service someday. A quarter (24%) are afraid of losing discounts or bonuses. 20% aren't even aware of the charges, 16% don't know how to cancel, and 13% simply don't want to deal with the details.
Poll conducted in April among a representative sample of 1,500 Russians aged 18 to 65 in cities with a population of over 100,000.
On a global scale, people are guilty of maintaining unused subscriptions due to forgetfulness or simply neglecting to cancel missed services. These oversights can result in financial losses for consumers. To pinpoint the exact situation in Russia, specific examinations of consumer behavior concerning subscription services would be required.
- To tackle the financial losses from unused subscriptions, it's likely that many Russians might consider canceling their unwanted subscriptions because they don't want to continue shelling out money, with some losing as much as 5,000 rubles monthly in Moscow alone.
- Considering the findings of the poll, it's possible that canceling personal-finance services, such as online cinemas (46%) and multiservice subscriptions (39%), could significantly reduce monthly expenses for many Russians, especially since 39% spend between 300 to 500 rubles per month on these services.
- As strategic management of subscriptions become more important in personal-finance planning, the likelihood of Moscow's population researching how to cancel their subscriptions will likely increase, given that 16% of respondents don't know how to cancel and 20% aren't even aware of the charges on their subscriptions.
- In light of the survey's results, indicating that 54% of Russians keep their paid subscriptions in hopes of using them later and 33% encounter unexpected charges two to three times annually, there's a strong case for developing consumer awareness campaigns in Russia to educate people about the importance of managing their subscriptions and avoiding unnecessary expenses.
