Last year’s EY Future Consumer Index Survey found that more than three-quarters of Canadians are concerned about finances as the cost of living continues to rise throughout the country.
At the time, EY reported that a “small but a growing number of Canadians are interested in exploring emerging digital and technology experiences.”
“Newer forms of digital goods and services present opportunities for companies to invest in developing channels to differentiate their brand experience, innovate and capture more consumer data,” Elliot Morris, EY Canada Grocery and Consumer Packaged Goods Leader, stated last August.
This year’s Future Consumer Index Survey builds on the themes of 2022, noting a trend away from brand-based shopping and toward fintech-driven experiences as Canadians seek efficient, convenient consumption options alongside cost affordability.
“With today’s economic uncertainties, Canadians are focusing on short-term lifestyle changes and reprioritizing individual needs,” stated Monica Chadha, EY Canada Retail Leader. “They are adopting new technologies to help manage their day-to-day and inform their purchasing decisions.”
One of the biggest tech trends today is AI, especially in fintech. How do consumers feel about it?
According to EY, 43% of Canadians now say that they’re comfortable with the use of artificial intelligence technologies if it means an improvement to their purchasing experiences. Notably, consumers said they are willing to leverage AI or share data in exchange for customized online shopping experiences (51%), tailored advertisements (43%) or promotions (63%) and pre-populated shopping carts (41%).
“As companies accelerate the use of cloud to build data repositories so they can mine for insights, consumers are increasingly becoming aware that their data is prized and want to weigh the benefits of sharing data against the risks and the value they receive in exchange,” explains Imran Ullah, EY Canada National Cloud Strategy Leader. “How companies balance this exchange is an important part of consumer trust and engagement—this is why it’s critical to tune in to the way consumers think and feel about the digital innovations that are entering every aspect of their lives today.”