Consistent truncations have proved to be powerful tools in the construction of new string theory solutions. Recently, they have been employed in the holographic description of condensed matter systems. In the talk, I will present a rich class of supersymmetric consistent truncations of higher-dimensional supergravity which are based on geometric structures, focusing on the tri-Sasakian case. Then I will discuss some applications, including a general result relating AdS backgrounds to solutions with non-relativistic Lifshitz symmetry.