Subscription spending is on the rise as more consumers are utilizing entertainment and retail services, a new analysis shows.
Bank of America Institute economists analyzed aggregate credit and debit card spending data from 70 million consumer and small-business accounts to find that subscription spending rose 7.7% year over year in July, outpacing overall credit card growth by more than a percentage point and a half for the past two years.
Entertainment and retail subscriptions were the highest cut of that increase, accounting for roughly 43% of all subscription spending.
And Gen Z showed the fastest subscription spending growth, rising nearly…
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