Cognizant, in collaboration with Oxford Economics, unveils new insights into how artificial intelligence (AI) is set to revolutionize the consumer purchasing journey by 2030 and drive significant economic impact. The study, New Minds, New Markets shows that as income and purchasing power increases among 18 to 44-year-old AI enthusiasts, this demographic will command an estimated $4.4 trillion of AI-influenced consumer spending in the U.S. by 2030. In the U.K., this spending projection is estimated at $690 billion, in Australia it’s at $669 billion, and in Germany it’s at $539 billion.
The study also predicts that U.S. consumers who embrace AI could drive nearly half (46%) of spending by 2030. In Australia, this projection rises to 55% over the same period. In Germany it’s estimated at 46% and in the U.K., it’s at 39%.
“As AI-influenced buying evolves, businesses must navigate mixed consumer attitudes towards AI,” says Ravi Kumar S. CEO of Cognizant. “Enterprises are balancing the demand for convenience with the need for control and trust. Understanding these attitudes is crucial for developing AI solutions that not only enhance convenience but build confidence in the full potential of how AI can reimagine the customer experience and unlock tremendous value.”
Key Takeaways:
- To inform the study’s findings, Cognizant and Oxford Economics examined historic patterns of consumer technology adoption across a range of demographics and grouped them into cohorts based on behavioral dynamics. It then aligned these cohorts with data from a survey of 8,400 respondents focusing on their openness to using AI in the buying experience.
- With 75% of all respondents noting they have frustration with the buying process today, the study found the transformative potential of AI will reshape the purchasing journey in three pivotal phases in the years to come: Learn (when consumers learn about new products), Buy (when consumers make a purchase, and Use (when consumers are in the process of using a product).
