AI-Driven Consumer Spending to Reach $4.4 Trillion by 2030
Friday, Jan 17, 2025 12:07 am ET
5min read The future of consumer spending is set to be significantly influenced by artificial intelligence (AI), with a new study by Cognizant and Oxford Economics predicting that AI enthusiasts aged 18-44 will drive $4.4 trillion of AI-influenced consumer spending in the U.S. by 2030. This projection underscores the growing importance of AI in shaping consumer behavior and driving economic growth.
The study, titled "New Minds, New Markets," highlights the transformative potential of AI in reimagining customer experiences and unlocking tremendous value for businesses. As income and purchasing power increase among AI enthusiasts, their spending on AI-influenced products and services is projected to grow significantly. This trend is expected to be particularly pronounced in the U.S., where AI enthusiasts are forecast to account for 46% of consumer transactions by 2030.
The study also reveals that AI's impact on consumer spending will be felt across various industries and regions. In the U.S., the industries expected to see the most significant AI-driven spending growth are Business and Personal Services (32.8% CAGR) and Transportation and Leisure (31.7% CAGR). Regionally, the United States is projected to be the largest geographic region for AI investment, with spending reaching $336 billion in 2028, accounting for more than half of all AI spending throughout the forecast period.
The primary AI use cases that contribute to the $4.4 trillion spending projection in the U.S. by 2030 include AI-influenced consumer spending, AI-driven customer experiences, AI in retail and e-commerce, AI in healthcare, AI in finance, and AI in transportation and logistics. These use cases are expected to drive significant economic impact and contribute to the projected $4.4 trillion spending on AI in the U.S. by 2030.
As AI continues to permeate various aspects of our lives, businesses must adapt to the evolving consumer landscape and leverage AI to reimagine customer experiences. By doing so, they can tap into the growing market of AI enthusiasts and drive economic growth through AI-driven consumer spending.
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