With the rising cost of household expenses, cable, and internet bills are becoming a growing financial burden for many American households. A new report from doxoINSIGHTS highlights that Americans are now spending an average of $1,186 annually on these services, a 3.4% increase from the previous year. The report attributes this rise to hidden fees and the lack of regulatory oversight, which have allowed service providers to increase their prices. The report also estimates the total market size for cable and internet services at $156 billion annually, with 81% of U.S. households incurring these costs, averaging $122 per month or $1,464 annually for those who pay these bills.
The report also reveals that 46% of Americans are concerned about their ability to pay their cable and internet bills, making it one of their top three financial worries. While regional variations exist, with states like Delaware and New Hampshire reporting higher-than-average bills, the rise in streaming services is shifting consumer behavior. As more people opt for streaming, the future of traditional cable television seems uncertain.
Experts advise consumers to be more informed about their cable and internet usage to negotiate more cost-effective plans. This growing concern reflects the increasing strain on household budgets as prices for essential services continue to rise.
Peoplesmind
