Real ARPU in Western Europe: we are spending more

When reported ARPUs fall, the markets interpret it as another sign that the sector is entrenched in a phase of dull and uninspiring maturity. But ARPUs are calculated from total connections, and with multiple device ownership becoming more prevalent in developed markets, actual user expenditure has become obscured. Indeed, although aggregate reported ARPU in Western Europe is falling, individual user spend is increasing. Of course reported ARPUs will remain a core fundamental but we must now also consider actual user behaviour in any market assessment.