84 percent of people surveyed underestimated how much they pay for streaming subscription services such as Amazon Prime, Spotify, and Netflix.
According to CNBC, 84 percent “underestimated what they shell out on those monthly expenses, also including dating apps, cable television, and Wi-Fi.”
“On average, consumers spend more than twice as much as they think they do: They estimated they cough up $111 a month on such services when they actually average $237,” CNBC reported. “And regardless of the price tag, consumers were ‘happily hooked’ on many of their subscriptions, particularly Amazon Prime (which recently raised the price to $119 a year), cable TV and music streaming services, such as Spotify.”
Despite this, 23 percent of Americans claimed to have no money in their emergency savings, while 22 percent had fewer than 3 months worth.
Amazon increased the cost of their Prime membership in April following a “huge quarterly profit,” while this month, Netflix shares crashed after the platform received fewer new subscribers than expected.