As the holiday season fast approaches, subscription gift-giving has emerged as a shining star. According to Recurly’s “Unwrap the Subscriptions: 2023 Holiday Trends”, a remarkable 67% of respondents express a strong desire to give gift subscriptions this holiday season, making it a standout choice. Notably, this surge is most pronounced among Millennials and Gen Z, with 73% and 70%, respectively, eagerly embracing the idea of gifting subscriptions.
This surge in interest aligns with those who feel the weight of economic uncertainty most acutely. Among the 46% of respondents deeply affected by economic dynamics, 37% express unwavering interest in gifting subscriptions, exceeding the average response rate of 27%.
This data provides a compelling opportunity for forward-thinking brands to not only boost their subscription revenue but also nurture steadfast bonds with their existing clientele that stand the test of time.
How Can Brands Give Subscribers What They Want?
This trend isn’t just about selling subscription gifts during the holiday season; it’s about brands harnessing the information to elevate their subscription revenue and transform one-time gift recipients into lifelong customers.
According to the report, consumers are looking for subscriptions that meet the following needs:
- Affordability: For 41% of respondents, affordability is the linchpin for long-term subscription commitment. With this in mind, brands need to consider their pricing strategies.
- The Pursuit of Joy and Engagement: 25% of subscribers seek personal enjoyment and indulgence from their subscriptions, signaling a need for subscriptions that meet people’s needs.
- The Quest for Convenience: Convenience is a core factor for 24% of subscribers who want subscriptions that integrate into their daily routines.
The ability to decipher what subscribers truly want and then provide that to them is the key to sustained subscription success. Subscription gift-giving isn’t just a passing trend; it’s a strategic avenue for brands to form enduring connections with their valued customers.
Interesting Related Article: “The Challenges of Subscription Boxes: How Companies Can Best Engage Customers“