Read our full analysis for a more in-depth look at these trends.
Consumers subscribe to more spending
Subscriptions are growing faster than overall spending, powered by younger consumers, streaming and the rise of AI.
September 2026
Key takeaways
- Consumers are increasingly embracing the subscription economy. Subscription spending rose 7.7% year-over-year (YoY) in July 2026, outpacing overall card spending growth by more than a percentage point and a half for the past two years, according to Bank of America payments data. Entertainment and retail subscriptions drove most of that increase and now account for roughly 43% of all subscription spending.
- Subscription trends vary significantly by generation, though. Bank of America payments data shows Gen Z posted the fastest subscription spending growth at nearly 14% YoY in July. However, Gen X is the biggest spender overall, with older Millennials close behind.
- Reading and information subscriptions are having a moment. Although this category accounts for the lowest share of subscription spending, outlays on these services (which include AI-related offerings) posted the fastest growth across generations, with particularly strong gains among Gen Z and younger Millennials, up 61% and 51% YoY, respectively.
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