A new Bloomberg Intelligence (BI) survey found that about 60% of participants aged 16-34 prefer ChatGPT results over the famed Google search. Achieving such a high adoption rate suggests ChatGPT is set for tremendous growth in the future. Although an overwhelming majority of survey respondents stated they would not be willing to pay more than $10 a month for the service, brands and retailers must acknowledge this shift away from traditional search engines and be prepared to respond.
Generative AI tools such as ChatGPT are most prominent among the younger age group, with the highest adoption in studies, conversational interfaces, generation of text and images, and various other uses. When it comes to work-related research and computer coding, the older age group is lagging behind, as their reliance on traditional search engines has not yet shifted.
In spite of this, 54% of survey participants believe the quality of ChatGPT results is superior to Google’s. This could be attributed to the conversational and in-page paragraph summaries the tool provides, as well as the improved quality of responses stemming from deep learning and personalized context-enhancements.
Consumers across all form factors including mobile, tablet, and desktop are still more likely to use Google than ChatGPT. However, only 1% of survey participants claimed they were willing to pay more than $20 a month for a generative AI subscription, which indicates a lower price with an ad-based model could be beneficial.
Interestingly enough, a fair number of participants expressed their apprehension around a potential violation of intellectual property rights as a result of the tool’s usage. Although it is understandable that companies would be naturally hesitant to share such pertinent information with a third-party, it remains unknown what the future of generative AI holds and how exactly companies can leverage it to their advantage.
Bloomberg Intelligence is a premier research and market analysis solution provided by the financial news outlet Bloomberg. With an emphasis on insights, economic understanding, and industry data, BI offers comprehensive and detailed research through interactive tools, data feeds, reports, and historical market data analysis. The company is also actively involved in research into the newest trends of the industry, such as the usage of generative AI, helping them better understand the market and allowing them to provide their clients with reliable and up-to-date information.
