According to a study released by Infogroup, a provider of data and data-driven intelligence solutions, four in five consumers say they are more concerned about privacy than they used to be — a tendency marketers ought to keep in mind.
In its report, “How Different Generations Think About Their Data”, Infogroup surveyed more than 1,000 consumers on their data privacy priorities. The survey found that 65 percent of consumers consider it risky to give a company their personal information.
“Laws such as the EU’s General Data Protection Regulation and the California Consumer Protection Act reflect a broader shift in consumer attitudes toward privacy – even among younger consumers,” says Heather Winnicki, VP of Product Management, Consumer Data at Infogroup. “Understanding privacy preferences and behavior enables brands to tailor their offerings appropriately.”
The report suggests a number of strategies companies can implement to build trust in an era of changing expectations.
“Consumers’ attitudes towards privacy are shifting and marketers need to frame data collection in a way that resonates with their audiences,” says Michael Iaccarino, CEO and chairman of Infogroup. “Having the capabilities – whether in-house or through a partner – to develop rich insight into a brand’s audience, identify the right message for each segment, and develop programs that build trust will help marketers minimize risk and reach their objectives.”
The Infogroup survey also found that more older consumers (55 and up) trust the financial services and healthcare industries with personal data – 45 percent and 24 percent, respectively. Contrastingly, only 30 percent of consumers aged 18 to 22 trust the financial industry to handle their personal data. Nearly six in ten (57 percent) of consumers feel “alarmed” when they see a product they had researched online advertised on social media. And almost half (49 percent) of consumers ages 55 and over clear their cookies consistently, while 55 percent of consumers aged 39 to 54 do the same.