Subscription spending grows 7.7% YoY in July 2026, outpacing overall card spend
Bank of America’s analysis showed non-utility subscription spending rose 7.7% year on year in July 2026, outpacing overall card spending growth. Entertainment subscriptions alone now account for about 43% of all subscription spending, according to the research.
Spending on information and AI-related subscriptions grew 61% year on year among Gen Z consumers and 51% among younger millennials. Overall, Gen Z posted the fastest subscription spending growth at nearly 14% year on year in July 2026, while Gen X remained the largest spending cohort. The bank noted that the upward trend in subscription spending has persisted for two years, indicating continued consumer willingness to commit to recurring payments despite economic uncertainty.
Bank of America’s research notes that subscription spending has been growing faster than overall consumer spending, driven by entertainment, retail memberships and information services. The bank’s latest analysis found this trend has persisted for two years.
What we know
The bank’s latest analysis found that non-utility subscription spending increased by 7.7% year on year in July 2026, exceeding the growth rate of overall card spending.
Entertainment subscriptions, including music, television, film and video game streaming services, alongside large retailer membership programmes, accounted for much of the increase and now represent around 43% of all subscription spending, according to the research.
Spending in this category rose 61% year on year among Gen Z consumers and 51% among younger millennials.
Gen Z (born between 1997 and 2012) recorded the fastest growth in subscription spending overall, at nearly 14% year-on-year in July 2026, but Gen X (born between 1965 and 1980) remains the biggest subscription spender, with older millennials (1981 to 1996) following closely behind.
Gen X (born between 1965 and 1980) remains the biggest subscription spender, with older millennials (1981 to 1996) following closely behind.