noun
BAD : Our preferences in music are very similar.
GOOD : Our tastes in music are very similar.
BAD : I know Carlos very well and I know his preferences.
GOOD : I know Carlos very well and so I know his tastes/what he likes.
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Preference usually refers to what someone prefers on a particular occasion: 'We could eat Chinese, Indian or Italian. Do you have any preference?' 'My own preference is for a hotel with its own swimming pool.'
When you are talking about the particular style or styles that someone (always) likes or buys, use taste : 'While in Italy she developed a taste for Renaissance art.' 'When it comes to clothes, he has very expensive taste.'