Your reports will show less traffic for phrases. If you are tracking which search terms people use in Google when landing on your site’s pages, you’ll start receiving less clicks for those terms. It doesn’t mean that you are receiving less traffic for those terms, it just means that Google isn’t reporting the information any longer. Privacy yet again drives reporting nuts as Google introduces more privacy protection. Details on how this works and impacts you is on the Google blog.
We are adding an event to our customer reporting so that any drops can be pinpointed to this change in Google practices. Make certain you do the same in your reporting methodology. If you can’t, maybe it’s time to have better reporting.