Luxury Institute recently surveyed senior-level members of its Global Luxury Expert Network (GLEN) to understand their perceptions and attitudes about personal data ownership and sharing their personal data with luxury and premium goods and services brands.
This survey is conducted by the Luxury Institute and DataLucent. The survey measures and ranks key needs and levels of trust that senior luxury experts report in sharing their personal data. The sample of 27 anonymous GLEN responders is qualitative and directional in nature; is it the equivalent of conducting approximately four focus groups of eight participants.
When asked about expectations of consumer brands that collect their data, the top five most important factors include:
- ask for my written consent before they collect my data (78%),
- do not sell my data to other parties (69%),
- secure my data and protect it from hackers (65%),
- be transparent about the personal data they are collecting (61%),
- and make sure my data is always under my control (48%) which is also tied in rank with
- inform me if a breach occurs and tell me how to protect myself (48%).
The expectations of brands using their data for personalization (44%) and providing fair value rewards and incentives (35%) are lower in rank in the initial part of the survey.
With respect to their knowledge as to ownership of their personal digital platform data (which legally consumers own), initially,
- only 44% of the luxury luminaries believed they own their data,
- 30% stated that the platforms own the data, and
- 13% believed that they and the platform co-own the data (only true for very small percent of data).
These results indicate an initial, unaided, low awareness on the part of luxury experts as to who owns their personal data. It is clearly an opportunity to educate all luxury executives and associates, at all levels, on the rightful ownership of personal data.
Responders were then informed that they do, in fact, own their digital platform data, and reassured that they would maintain control of their data. They were also assured that their data would be secured, remain under privacy compliance, and never sold or shared without permission, while being provided with fair value rewards and benefits. Once fully informed, 74% of luxury executives would license their data to luxury and premium brands they trust. Another 21% are not sure, while 4% would not license their data. This indicates that even at senior levels of luxury, a large majority of executives have a high level of trust and see advantages in licensing their data.
When asked to express which digital platform data they would be most willing to share with luxury and premium brands,
- 59% would share LinkedIn data,
- 55% Facebook,
- 50% Instagram,
- 36% Amazon, and
- 27% Google.
- Another 18% stated they would not share any data.
Of those willing to share their data, many stated that they would like the opportunity to benefit personally from their data. Many responders feel they will benefit significantly in terms of rewards and personalization.
“The right to consumer data access and portability is becoming universal for all consumers. Educating executives and customers about their data rights – and about the benefits of safely sharing data directly, under privacy protections plus copyright and licensing laws, at fair value – will establish a new currency between companies and consumers that will build loyalty and dramatically increase mutual lifetime value,” said Brad Davis, Co-Founder and Chief Executive Officer at DataLucent.
Source: Luxury Institute