Artificial intelligence (AI) has become an integral part of businesses and industries, but consumers still have uncertainties about its role in their lives and careers.
In the “Consumer Interest in Artificial Intelligence” edition of the “Consumer Inflation Sentiment” series, PYMNTS Intelligence sheds light on consumers’ perceptions of AI in their daily life, work as well as privacy and healthcare, drawing insights from a survey of over 2,300 U.S. consumers.
According to the study, AI has already become a part of consumers’ daily lives, even if they may not be fully aware of its presence. In fact, consumers engage with an average of five AI-related experiences every week, including browsing the web, using navigation apps and receiving product recommendations online.
Consumers show varying levels of interest and comfort with AI in different areas of their lives. When it comes to entertainment, communication and shopping, consumers are more open to the benefits of AI. For example, 66% of consumers express at least slight interest in AI-enabled entertainment, while 65% show interest in AI-enabled communication and shopping.
Younger consumers, in particular, have a positive sentiment toward AI in these areas. The study found that Generation Z and millennials are more open and familiar with AI compared to older generations, with this cohort showing keen interest in AI-enabled shopping and banking experiences.
However, concerns arise when it comes to healthcare, banking and work. Consumers are less interested in AI involvement in these aspects of their lives, possibly due to privacy, trust or job security concerns. This holds true for 40% of high-income consumers, who express concern about becoming too dependent on technology, while 29% worry about AI breaching their privacy.
Despite the concerns, consumers recognize the potential benefits of AI in terms of time savings and productivity gains. Among consumers who feel positively about AI’s impact on their work, 56% believe that AI will save them time, 46% think it will reduce errors and 35% believe it will facilitate communication with others.
This optimistic perspective is mirrored among business leaders. Separate PYMNTS Intelligence research reveals that nearly 80% of retail industry business leaders rank generative AI as the most impactful emerging technology, with more than 90% of firms already using the technology to deliver personalized customer experiences in real time.
Similarly, findings from an additional PYMNTS Intelligence study reveal that 84% of business leaders are confident in the positive impact of generative AI on their workforces, while nearly 80% of CEOs believe that generative AI will play a pivotal role in enhancing operational efficiency.
In light of these promising statistics, it becomes evident that the integration of AI is not just a consumer-oriented strategy but a transformative force with widespread support among business leaders.
However, as AI further evolves and infiltrates various aspects of daily activities, businesses must prioritize aligning their corporate strategies with the expectations of their consumer base. This alignment not only allows companies to navigate the ongoing AI revolution but also cultivates a future where individuals experience both security and empowerment in their interactions with advanced technologies.
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