NEWS3 November 2021

Trusted brands benefit from fall in consumer confidence re data privacy

News North America Privacy UK

US & UK – Research conducted by global insights organisation Esomar and Here Technologies indicates that 40% of Brits have experienced phishing or scams, such as being sent fraudulent emails requesting personal information including bank account details.

Lock representing data privacy

This compares to just 25% when the same study was originally conducted in 2019. The new study shows that the level of concern about sharing personal information digitally has risen; from 55% two years ago to 60% now. People now think harder about who to share their data with: in 2019, 54% didn’t consider who they were giving their information to, but in 2021 that figure has fallen to 48%.

With confidence in privacy reducing, the positive impact of brand trust is increasing. Some 87% said they are more willing to buy from companies that handled personal data as they should. Big brands such as Apple, Google, Amazon and Microsoft are at the top for consumer trust, while the research shows that social media giants are still not building confidence.

People are now less aware of what happens to their personal data – particularly in the UK, where there has been a 15% drop in certainty of what companies do with personal information (down from 40% in 2019 to 25% this year). Only 30% are now willing to trade losing their privacy for possible benefits, down from 35%.

Buzzback conducted the privacy study with Esomar and Here Technologies, involving 10,000 respondents across Australia, Brazil, France, Germany, Japan, the Netherlands, the UK, the US, India and China in 2019. It followed this up with another study this year when it surveyed 5,000 respondents from Brazil, Germany, the UK, the US and China.

Martin Oxley, managing director, Buzzback, said: “This is a really challenging time for brands as consumer anxiety around data privacy has rocketed. Brands can’t buy trust, but they should prioritise it. It’s critical that organisations implement the highest levels of security to protect people’s data. This won’t only protect consumers it will also boost brands’ revenues.”