A significant proportion of consumers are feeling insecure about their personal data, according to a study from Deloitte, and many believe their information should be worth something.
The study determined that 47% of consumers in the U.S. feel they have little to no control of their personal data. At the same time, 86% of consumers believe they should be able to opt-out of a personal data sale. More than two-thirds of consumers believe data is being used for targeted marketing predominantly, and 55% believe retailers share data with third parties or sell it to outside buyers. Only 5% of consumers placed retailers among the top three businesses they trust with their personal data, and 63% believe retailers are accountable for ensuring consumer privacy in the retail industry. The proportion identifying retailers as responsible exceeds the number for government, 50%, technology partners, 27%, or even consumers themselves, 27%.
However, 71% of consumers are willing to share personal data if they receive better pricing, special discounts or exclusive offers. And consumers who are satisfied with privacy policies are more likely to be open or neutral about sharing personal data, 73%, versus those who are unsatisfied or unaware, 57%.