Millennials, Gen-Z willing to share, for a price
A global survey from Aimia finds that Generation Z and Millennial consumers are much more inclined to share their data with brands, offering mobile numbers, lifestyle information, e-mail addresses and other critical pieces of information.
In the U.S., 62 percent of Generation Z and Millennials are happy to share personal information with companies, compared to 41 percent of U.S. Boomers, according to the survey covering more than 20,000 consumers across 11 countries. And 51 percent of 18 to 34 year olds in the U.S. are willing to share their mobile phone number, compared to 30 percent of Boomers.
Globally, 68 percent of Millennial and Generation Z respondents said they understand why they have to share personal information with companies to receive better offers.
"Millennials and Generation Z ride Uber, sleep by Airbnb, help one another launch businesses on Kickstarter, and use GoFundMe rather than traditional charities," wrote Aimia in its report. "They’ve grown up sharing every detail of their lives with attentive networks of friends, friends of friends and beyond. These consumers no longer desire the old-fashioned transactional relationships of the last century. As the drivers of the sharing economy, they have a peer-to-peer mindset that puts a greater value on personal relationships."
Aimia added that, just as Boomers followed younger generations to Facebook, older generations will eventually join the "sharing culture and economy."
Other studies have also attested to a greater willingness by Millennials to share data:
- Mintel research from last year found that Millennials in the U.S. were more willing to share cell numbers with companies than Boomers (30 percent and 14 percent, respectively), as well as social media profiles (27 percent and 10 percent);
- A Gallup poll taken in late February found 44 percent of Millennials believe that their personal information is kept private "all" or "most of the time" by the businesses or companies they do business with. That compares to 32 percent for Boomers as well as Gen-X.
Overall, Aimia, a marketing and loyalty analytics company, said its findings show that while consumers remain fairly guarded with their digital information (web history, online purchase history, mobile numbers, etc.), a gradual acceptance of sharing mobile data and using mobile platforms for coupons, wallets and loyalty programs is emerging.
But the study authors also noted that consumers’ willingness to share information "isn’t altruistic. They expect better services and more individualized offers in return for their openness and won’t hesitate to break up with brands that send them irrelevant offers and information."
- The Data Exchange Economy: Consumers willing to share personal data for a fair return – Aimia
- Sixty Percent Of Millennials Willing To Share Personal Info With Brands – Mintel
- Millennials Most Trusting on Safety of Personal Information – Gallup
Are retailers currently providing equal value for the information they are asking consumers to share? Do you think this will affect how much information Millennials and Gen Z are willing to share in the years ahead?