AI could drive over half of consumer spending by 2030 in Australia
According to research from Cognizant and Oxford Economics, AI tools and applications are set to have a significant impact on consumer spending in Australia in the years ahead. The research shows that AI could influence more than 55% of all consumer transactions in Australia by 2030, totaling $669 billion.
The study focuses on consumers aged 18 to 44, who are seen as early adopters of AI. The researchers analyzed past technology adoption trends and surveyed 8,400 people about their comfort level with AI in shopping.
Of all the countries surveyed, Australia has the highest AI adoption rate. Rob Marchiori, country manager of Cognizant in Australia, said, “Australia’s leadership in AI adoption reflects the country’s openness to innovation and its growing demand for technology that enhances everyday experiences.”.
The study identifies a segment of consumers, termed “AI Accelerators,” who are particularly enthusiastic about integrating AI into their purchasing journeys. By 2030, AI Accelerators are projected to contribute $670 billion in consumer spending in Australia.
The study urges businesses to understand and prepare for the rise of the ‘agentic internet,’ an ecosystem of AI-enabled tools and agents that work autonomously on behalf of consumers.
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