A recent study by Cognizant, in collaboration with Oxford Economics, has unveiled that artificial intelligence (AI) is projected to significantly influence U.S. consumer spending, potentially driving an impressive $4.4 trillion by 2030. The study indicates that AI could account for 46% of all U.S. consumer transactions, showcasing its growing role in the marketplace. Notably, 47% of consumers expressed comfort in using AI during the product discovery phase, highlighting a shift in consumer behavior towards embracing technology [80312975].
However, the study also revealed a cautious approach among consumers regarding AI automation in high-value purchases, with 75% of respondents reluctant to allow AI to handle these transactions. This reluctance is particularly pronounced among older demographics, as only 16% of consumers aged 55 and above felt comfortable using AI during the buying process. The research was based on responses from 8,400 individuals across the U.S., U.K., Australia, and Germany, providing a comprehensive view of consumer sentiment towards AI [80312975].
In light of these findings, Cognizant has launched the Cognizant Momentâ„¢, an initiative aimed at enhancing customer experiences through AI-driven solutions. The overall economic impact of AI adoption is projected to reach $1 trillion by 2032, further underscoring the transformative potential of AI in shaping consumer behavior and driving economic growth [80312975].