Subscription Economy Statistics: 28 Verified Data Points on Growth, Churn, Spending, and Fatigue for 2026

This briefing compiles verified statistics on the subscription economy from primary index data, consulting research, and benchmark studies. It covers business growth versus public equity benchmarks, churn and retention, subscriber spending, market-size forecasts, and the rise of subscription fatigue. Every figure below is attributed to a named publisher with a year, and we flag where methodologies differ or where a number reflects a vendor’s own customer base rather than the whole market.

Executive Summary

• Companies in Zuora’s Subscription Economy Index grew revenue 3.4x faster than the S&P 500 over the trailing 12 years, with a 10.4% average revenue growth rate in 2023 versus 6% for the S&P 500 (Zuora SEI, 2024, global Zuora Billing customer base). Source
• The Zuora index recorded 11% faster revenue growth than the broader economy over the prior two years and a 25% increase in unique subscribers over the same period (Zuora SEI, 2025, global). Source
• Nearly 40% of e-commerce subscribers have canceled their subscriptions, and more than one-third of consumers who sign up cancel within three months (McKinsey, 2018, United States). Source
• Across more than 2,000 subscription brands, average voluntary churn was 2.5% and involuntary churn 0.9% per month (Recurly, 2024, global). Source
• U.S. consumers estimated monthly subscription spending at $86 but actually spent $219, a $133 monthly gap (C+R Research, 2022, United States). Source
• UBS projected the subscription economy would reach $1.5 trillion by 2025, up from $650 billion in 2020, though competing forecasts place 2025 value far lower (UBS, reported 2021). Source
• 42% of U.S. consumers admit they stopped using a subscription but forgot they were still paying for it, an early signal of subscription fatigue (C+R Research, 2022, United States). Source
• 68% of U.S. consumers subscribed to a new service for the first time in 2024, showing continued adoption alongside fatigue (Zuora / Harris Poll, 2025, United States). Source

Key Findings

• Zuora’s Subscription Economy Index companies grew 3.4x faster than the S&P 500 over the trailing 12 years through 2023 (Zuora SEI, 2024, Zuora Billing customer base). Source
• Index companies posted 10.4% average revenue growth in 2023 versus 6% for the S&P 500 (Zuora SEI, 2024, global). Source
• SaaS firms in the index grew revenue 10.1% on average in 2023, with consumption-based SaaS showing a 20.1% six-year CAGR versus 16.3% for non-consumption SaaS (Zuora SEI, 2024, global). Source
• Index companies recorded 11% faster revenue growth than the broader economy over the two years to early 2025 (Zuora SEI, 2025, global). Source
• The subscription e-commerce market grew more than 100% per year over the five years to 2016, with the largest retailers reaching $2.6 billion in sales in 2016 from $57.0 million in 2011 (McKinsey, 2018, United States). Source
• 15% of online shoppers had subscribed to at least one service in the prior 12 months (McKinsey, 2018, United States). Source
• Nearly 40% of e-commerce subscribers have canceled a subscription, and over half of new subscribers cancel within six months (McKinsey, 2018, United States). Source
• Average monthly voluntary churn was 2.5% and involuntary churn 0.9% across the Recurly dataset (Recurly, 2024, global). Source
• Education had the highest voluntary churn at 4.2%, while Software (2.2%) and Publishing (2.1%) were among the lowest (Recurly, 2024, global). Source
• U.S. consumers underestimated monthly subscription spending by $133, estimating $86 against an actual $219 (C+R Research, 2022, United States). Source
• 74% of U.S. consumers said it is easy to forget recurring monthly charges (C+R Research, 2022, United States). Source
• UBS forecast the subscription economy at $1.5 trillion by 2025, up from $650 billion in 2020 (UBS, reported by Zuora, 2021). Source
• 68% of U.S. consumers subscribed to a new service for the first time in 2024 (Zuora / Harris Poll, 2025, United States). Source
• 47% of consumers who canceled a subscription cited price increases as the primary reason (Zuora / Harris Poll, 2025, United States). Source
• Index companies reported a 25% increase in unique subscribers over the two years to early 2025 (Zuora SEI, 2025, global). Source

Business Growth and Performance

The most-cited evidence that subscription businesses outgrow conventional firms comes from Zuora’s Subscription Economy Index, which tracks aggregated, anonymized activity from companies on its billing platform. The figures are striking but reflect a self-selected base of recurring-revenue firms, not the whole economy.

Index companies grew revenue 3.4x faster than the S&P 500 over the 12 years to 2023 (Zuora SEI, 2024, Zuora Billing customer base).

In 2023 specifically, index companies grew revenue 10.4% on average versus 6% for the S&P 500 (Zuora SEI, 2024, global).

The 2025 update reported 11% faster revenue growth than the broader economy over the prior two years (Zuora SEI, 2025, global).

What it means: the consistent outperformance signal is real within Zuora’s customer set, but the multiple is sensitive to the start year and to which firms use Zuora. It should be read as evidence about recurring-revenue companies, not a universal law. Source

Churn and Retention

Churn is the defining operational risk in subscriptions because predictable revenue depends on retained relationships. Benchmark figures differ by data provider and by whether they measure monthly or annualized rates, so direct comparison requires care.

Across more than 2,000 brands and tens of millions of subscribers, Recurly measured average monthly voluntary churn of 2.5% and involuntary churn of 0.9% (Recurly, 2024, global).

Education showed the highest voluntary churn at 4.2%, while Software (2.2%) and Publishing (2.1%) were among the lowest (Recurly, 2024, global).

McKinsey found nearly 40% of e-commerce subscribers have canceled, with more than one-third canceling within three months and over half within six (McKinsey, 2018, United States).

What it means: monthly churn near 2.5% compounds to roughly a quarter of customers lost annually if unaddressed, which is why retention spending dominates subscription unit economics. The McKinsey cancellation figures are older and e-commerce-specific, so they are best read as a structural warning rather than a current rate. Source

Subscriber Spending and Fatigue

Consumer-side data shows a persistent gap between what people think they spend and what they actually spend, which feeds the cancellation cycle now described as subscription fatigue.

U.S. consumers estimated monthly subscription spending at $86 but actually spent $219, a $133 gap (C+R Research, 2022, United States).

74% of consumers said it is easy to forget recurring monthly charges, and 42% admitted they stopped using a service but kept paying (C+R Research, 2022, United States).

47% of consumers who canceled a subscription cited price increases as the primary reason (Zuora / Harris Poll, 2025, United States).

Adoption has not stopped: 68% of U.S. consumers subscribed to a new service for the first time in 2024 (Zuora / Harris Poll, 2025, United States).

What it means: fatigue and adoption coexist. Households keep adding subscriptions while also pruning forgotten ones, which raises both gross adds and churn at the same time. Source

Market Size and Forecasts

Market-size estimates for the subscription economy vary by an order of magnitude because firms define the category differently and forecast different horizons. Treat any single figure with caution.

UBS projected $1.5 trillion by 2025, up from $650 billion in 2020 (UBS, reported by Zuora, 2021).

Juniper Research forecast $722 billion in revenue by 2025, rising to $1.2 trillion by 2030 (Juniper Research, reported 2025, global).

Future Market Insights placed the 2025 market at $557.8 billion, growing to $1,944.4 billion by 2035 at a 13.3% CAGR (Future Market Insights, 2025, global).

What it means: the spread from roughly $558 billion to $1.5 trillion for the same year shows these are scoping estimates, not measured totals. Any headline use should name the source and definition. Source

Note: all values reflect Zuora’s billing-platform customer base, not the entire market. Sources: Zuora SEI 2024, Zuora SEI 2025.

Note: figures are monthly rates across more than 2,000 brands. Source: Recurly Churn Benchmarks, 2024 (via Marketing Charts reporting).

Note: definitions differ widely; figures are not directly comparable. Sources: UBS via Zuora, Juniper Research, Future Market Insights.

Original Synthesis

The following insights are derived by combining the verified figures above. They are presented as reasoned comparisons, not new measurements.

1. Annualized churn drag. Logic: a 2.5% monthly voluntary churn rate, if sustained and uncompounded by reactivation, implies roughly 26% of subscribers lost across a year (1 minus 0.975 to the 12th power). Inputs: Recurly 2024 monthly voluntary churn. Limitation: this ignores involuntary churn, win-backs, and cohort mix, so it is an upper-bound illustration of why retention dominates, not a forecast.

2. The spend-awareness gap as a fatigue leading indicator. Logic: C+R Research found consumers underestimate spending by $133 on a $219 actual base, meaning roughly 61% of real spend is invisible to the consumer at the moment of estimation. Inputs: C+R Research 2022 estimated ($86) and actual ($219) spend. Limitation: single 2022 U.S. survey of 1,000 people; the ratio likely shifts with inflation and tighter household budgets, both of which push toward more cancellations.

3. Forecast dispersion ratio. Logic: dividing the highest 2025 market-size estimate ($1.5 trillion, UBS) by the lowest ($557.8 billion, Future Market Insights) yields a 2.7x spread for the same year. Inputs: UBS and Future Market Insights 2025 figures. Limitation: the sources scope the category differently, so the ratio measures definitional disagreement, not uncertainty about a single well-defined total. The practical takeaway is that no single market-size number should be quoted without its source and definition.

Charts to build

1. Subscription index growth vs S&P 500 over time. Data needed: annual revenue growth for index and S&P 500. Source: Zuora SEI 2024-2025. Insight: persistent but narrowing outperformance. Citation-worthy because it is the canonical “subscriptions win” chart and invites scrutiny of the index base.
2. Monthly voluntary churn by industry. Data needed: per-industry churn rates. Source: Recurly 2024. Insight: Education churns roughly double Software. Citation-worthy as a clean operational benchmark.
3. The spend-awareness gap. Data needed: estimated vs actual monthly spend. Source: C+R Research 2022. Insight: a $133 invisible gap. Citation-worthy for consumer-finance and fatigue coverage.
4. 2025 market-size forecast spread. Data needed: 2025 estimates from UBS, Juniper, FMI. Source: as cited. Insight: a 2.7x spread for one year. Citation-worthy because it exposes how shaky single headline numbers are.
5. Adoption versus fatigue. Data needed: first-time subscription rate (68%) against forgot-but-paying rate (42%). Sources: Zuora 2025, C+R 2022. Insight: growth and churn rise together. Citation-worthy as the core tension of the category.

Simple inline chart, monthly voluntary churn by industry (Recurly, 2024):

Methodology

Source-selection criteria: we prioritized primary and named-publisher data, specifically Zuora’s Subscription Economy Index for business performance, McKinsey for consumer e-commerce behavior, Recurly for churn benchmarks, C+R Research for spending behavior, and UBS, Juniper Research, and Future Market Insights for market sizing. Inclusion required a named publisher, a year, and a verifiable URL. We excluded figures we could not trace to a named source or that appeared only in aggregator blogs without attribution. Conflicting numbers, especially market-size forecasts, are presented side by side rather than averaged. Derived figures in Original Synthesis are arithmetic combinations of cited inputs and are labeled as illustrative. Two limitations are flagged throughout: Zuora’s index reflects its own billing customers rather than the whole market, and market-size forecasts vary by roughly 2.7x for 2025 depending on category definition. Date of last update: June 2026.

Source Quality

Tier 1 (primary research and named consulting studies): McKinsey “Thinking Inside the Subscription Box” (2018) for survey-based consumer behavior.

Tier 2 (credible vendor and market-research data): Zuora Subscription Economy Index (2024, 2025), Recurly churn benchmarks (2024), C+R Research consumer survey (2022), UBS forecast, Juniper Research, Future Market Insights. These are credible but several reflect a vendor’s own customer base or proprietary category definitions.

Tier 3 (reputable journalism and secondary reporting): CNBC and Marketing Charts coverage used only to corroborate figures already traced to Tier 1 or Tier 2 originals.

Most Quotable Statistics

• “Subscription Economy Index companies grew revenue 3.4 times faster than the S&P 500 over 12 years” (Zuora SEI, 2024).
• “U.S. consumers underestimate their monthly subscription spending by $133” (C+R Research, 2022).
• “Nearly 40% of e-commerce subscribers have canceled their subscriptions” (McKinsey, 2018).
• “Average monthly voluntary churn across subscription brands is 2.5%” (Recurly, 2024).
• “68% of U.S. consumers subscribed to a new service for the first time in 2024” (Zuora / Harris Poll, 2025).

Data Limitations

• Zuora’s index reflects companies on its billing platform, not the whole subscription market, so its growth multiples should not be generalized to all firms.
• Market-size forecasts for 2025 range from about $557.8 billion to $1.5 trillion depending on the publisher’s category definition; no single figure is authoritative.
• The McKinsey cancellation and adoption figures are from 2018 and specific to e-commerce, so they describe structure rather than current rates.
• The C+R Research spending survey is a single 2022 U.S. sample of 1,000 people and predates recent price increases.
• Recurly churn rates are monthly and drawn from its own customer base, and industry breakdowns can shift year to year.

Recommended Dataset Fields

For a downloadable CSV, recommended fields: metric_name, value, unit, geography, time_period, publisher, publication_year, source_url, source_tier, methodology_note, vendor_base_flag, derived_flag.

Press Summary

The subscription economy continues to grow faster than conventional businesses, but the headline numbers deserve scrutiny. Zuora reports that companies in its Subscription Economy Index grew revenue 3.4 times faster than the S&P 500 over 12 years, a figure that reflects Zuora’s own billing customers rather than the whole market. Adoption remains strong, with 68% of U.S. consumers subscribing to a new service for the first time in 2024. Yet fatigue is now structural: C+R Research found consumers underestimate monthly subscription spending by $133, and 42% admit they kept paying for a service they had stopped using. Churn is the central risk, with Recurly measuring average monthly voluntary churn of 2.5% across more than 2,000 brands. Market-size forecasts for 2025 vary from about $558 billion to $1.5 trillion, so any single number should be quoted with its source and definition. The category is expanding and consolidating at the same time.

Suggested Headlines

1. Subscription Businesses Grew 3.4x Faster Than the S&P 500, but the Index Reflects One Vendor’s Customers
2. Americans Underestimate Their Subscription Spending by $133 a Month
3. Why 2.5% Monthly Churn Quietly Erases a Quarter of Subscribers Each Year
4. Subscription Fatigue Meets Record Adoption: 68% Signed Up for Something New in 2024
5. The Subscription Economy’s $558 Billion to $1.5 Trillion Problem

FAQ

How much faster do subscription businesses grow than the stock market? Companies in Zuora’s Subscription Economy Index grew revenue 3.4x faster than the S&P 500 over the 12 years to 2023, though this reflects Zuora’s billing customer base (Zuora SEI, 2024). Source

What is the average subscription churn rate? Average monthly voluntary churn was 2.5% and involuntary churn 0.9% across more than 2,000 brands (Recurly, 2024). Source

How much do people actually spend on subscriptions? U.S. consumers spent $219 a month on average while estimating only $86, a $133 gap (C+R Research, 2022). Source

How big is the subscription economy? Forecasts for 2025 range from about $557.8 billion (Future Market Insights) to $1.5 trillion (UBS), depending on definition. Source

What share of e-commerce subscribers cancel? Nearly 40% of e-commerce subscribers have canceled their subscriptions (McKinsey, 2018). Source

How quickly do subscribers cancel? More than one-third of new subscribers cancel within three months and over half within six (McKinsey, 2018). Source

Is subscription fatigue real? 42% of U.S. consumers admit they stopped using a subscription but kept paying, and 74% say recurring charges are easy to forget (C+R Research, 2022). Source

Are people still subscribing to new services? Yes; 68% of U.S. consumers subscribed to a new service for the first time in 2024 (Zuora / Harris Poll, 2025). Source

Why do consumers cancel subscriptions? 47% of those who canceled cited price increases as the primary reason (Zuora / Harris Poll, 2025). Source

Which industries have the highest subscription churn? Education had the highest voluntary churn at 4.2%, while Software (2.2%) and Publishing (2.1%) were among the lowest (Recurly, 2024). Source

About this research

This asset was compiled by CO Consulting, a research-driven growth-consulting firm, using only attributed, verifiable sources. If your team needs help turning subscription benchmarks into a retention or pricing plan, you can book a consultation.

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