AI is weaving its way into everyday purchases, setting the stage for a consumer spending boom that could reshape the global economy by 2030.
A new study conducted by Cognizant in partnership with Oxford Economics reveals how artificial intelligence (AI) adoption among US consumers will account for $4.4 trillion in spending by 2030. Globally, the shift is equally impactful, with projections of $690 billion in the U.K., $669 billion in Australia, and $539 billion in Germany.
In the U.S., nearly half (46%) of all consumer spending is expected to be AI-influenced by the end of the decade, a trend echoed in Australia at 55% and in Germany and the U.K. at 46% and 39%, respectively. The report attributes this surge to younger, tech-savvy consumers aged 18 to 44, who are increasingly integrating AI into their buying decisions.
AI and its effect on the purchasing process
The study examines how AI will reshape the consumer journey across three key phases: Learn, Buy, and Use. Consumers are most receptive to AI in the “Learn” phase, where 47% express comfort using AI tools such as personalised recommendations and virtual assistants to discover and evaluate products. These technologies streamline the discovery process, offering convenience and tailored options.
However, in the “Buy” phase, trust and security concerns are slowing adoption. While AI can assist with decision-making, 75% of consumers are unwilling to allow AI to independently handle high-value purchases. This caution is particularly noticeable among older demographics, with just 16% of those over 55 feeling comfortable using AI in this stage.
Ravi Kumar S., CEO of Cognizant, said: “As AI-influenced buying evolves, businesses must navigate mixed consumer attitudes towards AI. 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.”
Comfort rebounds in the “Use” phase, where AI enhances post-purchase experiences. From automated reordering of everyday items to smart systems managing home essentials, AI demonstrates its ability to save time and simplify lives. Approximately 28% of respondents expressed confidence in AI handling such tasks.