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State of the US Direct-to-Consumer Subscriptions 2022 — Industry Report

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The US DTC Subscriptions economy has grown 5-8x faster than traditional businesses in the last decade, outpacing growth rates seen in retail and S&P 500.

In this report, we unpack insights specific to the market, consumer, and technologies related to DTC subscriptions, estimate the TAM, and wrap up with forward-looking thoughts on the industry.

The Total Addressable Market (companies) of DTC subscriptions is about 4% of US eCommerce.

There are about 225 million active subscriptions in the US today, and women account for 60% of the subscriber base.

DTC subscriptions can be classified into three categories – Replenishment, Curation and Memberships. The curation segment is the largest, accounting for 55% of all active subscriptions.

Memberships is a fast-growing segment and its market share is almost as much as Box subscriptions.

Millennials and Gen-Zers together make up 42% of the US population and the largest subscriber cohort. They inherently value automated purchasing for several reasons such as convenience, selection and personalization.

Spending on subscriptions increased by 15% between 2018 and 2021, yet consumers underestimated their spending by 340%!

When compared to the B2C industry average of 7.05%, subscription boxes have some of the highest monthly churn rates at 10.5%. 90% of this is voluntary churn. Within subscription boxes itself, the curation segment has the highest levels of churn.


Pipecandy takes complex sets of data, translate them into digestible and relevant POVs, and offer simple frameworks to help me think about our business challenges and opportunities. Their reports are a required reading for D2C & eCommerce executives.

Chip Overstreet

Chip Overstreet

CEO, Spiceology