Forecasts predict that Internet traffic will continue to grow in the near future. A huge share of this traffic is caused by multimedia streaming. The quality of experience (QoE) of such streaming services is an important aspect and in most cases the goal is to maximize the bit rate which—in some cases—conflicts with the requirements of both consumers and providers. For example, in mobile environments users may prefer a lower bit rate to come along with their data plan. Likewise, providers aim at minimizing bandwidth usage in order to reduce costs by transmitting less data to users while maintaining a high QoE. Today’s adaptive video streaming services try to serve users with the highest bit rates that consequently results in high QoE. In practice, however, some of these high bit rate representations may not differ significantly in terms of perceived video quality compared to lower bit rate representations. In this paper, we present a novel approach to determine the statistically indifferent quality variation of adjacent video representations for adaptive video streaming services by adopting standard objective quality metrics and existing QoE models. In particular, whenever the quality variation between adjacent representations is imperceptible from a statistical point of view, the representation with higher bit rate can be substituted with a lower bit rate representation. As expected, this approach results in savings with respect to bandwidth consumption while still providing a high QoE for users. The approach is evaluated subjectively with a crowdsourcing study. Additionally, we highlight the benefits of our approach, by providing a case study that extrapolates possible savings for providers.