America’s ‘angst-ridden’ consumer picks lowest price over brand loyalty, report finds
Streaming services No. 1 budget item Americans plan to cut in upcoming months, Win Big Media reports
Win Big Media CEO Phillip Stutts argues Americans are going to make budget cuts by cancelling their nonessential subscription services.
Amid volatility and uncertainty in the market, a new report is signaling that Americans are choosing price over preference.
"Everything's kind of coming together to make a very angst-ridden consumer that has dropped almost everything on brand loyalty, and is now looking at price as the number one factor in a purchasing decision," Win Big Media CEO Phillip Stutts told FOX Business’ Maria Bartiromo.
On "Mornings with Maria" Thursday, Stutts detailed their recent findings that price is the biggest consumer concern, and streaming services are the top item Americans will cut out of their budget.
Stutts warned that more services will see subscriber numbers drop significantly, like Netflix did, in the coming months.
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"Netflix was going to project 2.5 million new subscribers, had a 200,000 subscriber loss. We actually told our clients in February that we saw this coming," Stutts said.
Win Big Media CEO Phillip Stutts says America's "angst-ridden consumer" is choosing price over brand loyalty during a volatile market. (AP Newsroom)
"I think there will be many more streaming services that are going to see cuts in the economy, and it's going to be a problem," he continued.
The media expert pointed out that during the pandemic, many Americans signed up for services they may now find nonessential.
"They've finally just said, 'You know, I've got to make some budget cuts. This is $7 or $10 or $20 a month. I can cut three of these and improve my budget situation,'" Stutts explained. "And that's what we're seeing."
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Win Big Media CEO Phillip Stutts details a new report which found rising price is the No. 1 reason consumers are switching brands.
According to The Wall Street Journal's Joe Flint, Netflix's subscriber flop presents opportunity for its streaming competitors.
"There's a real battle going on out there for subscribers," Flint previously said on "Varney & Co." "And [Netflix] grew so fast that now their growth is starting to slow down and these competitors are gaining on them."