These are turbulent times for consumers. Rents are rising, electricity is expensive and prices in supermarkets are rising almost every week. Consumers are therefore stepping back and ending contracts and memberships. FOCUS online shows where the most contracts were terminated last year.
Millions of people canceled either subscriptions or memberships last year because they hoped to save money by doing so. This is the result of a market analysis by the cancellation service provider Volders (you can find an excerpt here). The evaluation is exclusively available to FOCUS online.
The company surveyed almost 600,000 people who had resigned via the platform between January 1, 2022 and December 31. The result is impressive. According to this, 47 percent of those surveyed stated that the costs were “too high” or that there were fundamental “financial reasons” for the terminations.
Almost every tenth notice was given with regard to the “price-performance ratio”, which was rated as poor. “Poor customer service” (eight percent of respondents) also played a role. Almost eight percent stated that they had terminated their contract for precisely this reason.
The mobile and landline providers Vodafone, Telekom and O2 were among the three most common providers who were terminated by those surveyed in the previous year. Places 6 and 7 went to 1
The background is that it is more lucrative for customers if they cancel before an upcoming contract extension. In many cases, it’s worth switching because tariffs then lure you with higher data volumes and lower prices.
Although streaming competitors Dazn and Amazon Prime secured more and more sports rights, the pay-TV giant Sky had introduced a new pricing model. In many cases, the monthly costs also increased. As a result, Sky was terminated most often because of poor “value for money”.
Volders also saw an increasing number of terminations at McFit, the market leader among fitness studios. However, this is understandable even after the difficult pandemic years and the reopening of the studios in the previous year. One of the most important reasons for termination was “lack of time” (three out of ten respondents were ex-customers).
It is striking that antivirus programs were mentioned in the survey. The background was apparently a warning from the Federal Office for Information Security (BSI) in March last year. “Subscription cancellations skyrocketed for the Russian antivirus software,” according to Volders’ press office. The main reason given was “safety concerns” (39 percent).
“With contracts such as streaming or fitness, a so-called strategic termination is worthwhile, with which you get your old provider to make a new, attractive offer,” analyzes Jan Hendrik Ansink, boss and founder of the Volders company.
FOCUS online advises consumers: Check existing memberships and subscriptions. Prioritize what you need and note the notice periods. This helps to cancel unnecessary subscription contracts in good time.
Such subscriptions for magazines, streaming services, language courses or apps are often particularly cheap or even free in the first few months, but over time multiple subscriptions or memberships can result in high costs.
If you have three subscriptions, each of which costs you 17 euros per month, you will pay over 3,000 euros in five years!
Mobile phone tariffs have become cheaper compared to the previous year. This is the result of an evaluation by the Federal Statistical Office.
Consumers should therefore always look for a cheaper tariff every year. Alternatively, you can also terminate the old contract in good time before the end of the contract period. As a rule, the provider will then come to you with a cheaper offer.
With a change of provider and a tariff that is 15 euros cheaper, the annual saving is 180 euros.
A couple can save twice as much!
The couple pays for an all-net flat rate (Internet with ten gigabytes, telephone flat rate to all networks and SMS flat rate) in a 12-month contract
Monthly savings for the couple are 24.60 euros. Calculated over the entire year, that is 295.20 euros less.
Policies that only cover minor damage are often superfluous. Mobile phone, glasses or luggage insurance are superfluous money guzzlers.
With annual insurance costs of 200 euros, you have thrown 1,000 euros out of the window in five years. If you invest 85 euros a month, you could save almost 5,650 euros in the same time with a return of four percent.
Here you will find important tips: Terminate expensive contracts – policies, mobile phones, Internet: You can reduce your running costs with these simple tricks
Supermarket prices are skyrocketing, but furniture, clothing, shoes and other consumer goods are also becoming more expensive. As a retail expert, I know the tricks of the trade and tell you how you can save money for you and your family every month when shopping.
Would you like to talk to me about your savings tips and tricks? Did you notice anything while shopping? Then send an e-mail to Konstantinos.mitsis@burda-forward.de with your name and phone number
