Criteo research: Millennial shoppers most likely to use AI for gift ideas and financial advice
82% of consumers across the UK and US find AI useful in shopping situations, according to Criteo research.
The company surveyed 2,387 consumers in July. By market, these included 1,178 in the UK and 1,209 in the US.
Among the most common AI use cases were identifying the best price for a product (40%), querying features of a product (38%) and identifying products within a set budget (33%).
While Gen Z are the most abundant AI users (90%), Millennials are more likely to use its advanced commerce capabilities. Alongside finding the best possible price for a product, 37% of users are happy to approach AI for gift ideas.
Trust in it runs even deeper among this demographic, with 22% saying they would ask AI for financial advice. By comparison, Gen Z are slightly less likely to approach it for gift ideas (31%) and to seek financial advice (19%).
Differences become more pronounced among older generations.
While 23% of Millennial users would approach AI to help them plan a holiday, this drops to 15% among Gen X and 10% among Boomers. Alongside holiday travel, Boomers are similarly cautious about approaching AI for new purchase ideas and for financial advice.
While Gen Z users are the most likely generation to ask AI questions about a product they have found (37%), the digital natives seem hesitant to use it for inspiration such as identifying products for themselves (22%) or relevant online shops to visit (23%).
This may be attributable to Gen Z preferring to happen upon product inspiration via social media (46%) as opposed to using search (37%). In fact, 70% of Gen Z confirm clicking the links they see online in videos, blogs and articles, and often three in four then subsequently share the link with friends and family.
One channel yet to be fully utilised with this generation is connected TV. Only about 18% currently say they find inspiration for purchases via streaming platforms, but half of all Gen Z would be open to seeing more product promotions in exchange for discounted subscriptions.
Millennials appear to be more focused and considered shoppers. Many prefer to go online and search directly for product and gift ideas (49%) than rely on inspiration from social media (43%) or TV (12%).
Following in the footsteps of Gen X, the top discovery destination after search is retailer sites (46%), although in the US, physical retailer environments are still very important (39%).
Marc Fischli, Executive Managing Director, EMEA at Criteo says; “By connecting users with relevant products in a single action, AI is rapidly transforming commerce.”
“For retailers, it means the products and promotions that appear when a consumer searches on their digital properties must be pinpoint accurate. This isn't simply a case of turning a switch, AI is only ever as good as the data it has access to.”
“With the right approach to data collection and application, formats like sponsored products and in-store display are a powerful commerce tool for retailers and an unrivalled media opportunity for advertisers.”
The uptake of AI corresponds with 66% of all Millennial and Gen Z shoppers feeling the experience of finding a new purchase online has improved recently.
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