Consumers willing to trade personal information for benefits, offers

Four in five people now accept that handing over their personal information is "an increasing part of modern life". In fact, over a third (35%) believe that that information is a commodity that can be traded with companies in return for offers and benefits, found the DMA.

However, unless consumers have trust in a company they won't be forthcoming with their information. Trust was cited by 58% as being the most important factor when deciding whether or not to share information, while for 32% price discounts alone would be enough for them to part with personal data.

"Online platform owners and brands that market digitally must understand the current range of consumer views on data privacy. Insight into what they regard as private, what information they're willing to exchange and under what circumstances should underpin their marketing strategies," said Chris Combemale, chief executive at the DMA.

"The balance of power is now tilted towards consumers. They alone have the ability to choose who they share their information with, so it's down to brands to give them a compelling reason to do so."

Retaining control over the sharing of their personal data was important to nearly all respondents (85%).

Tags: brand marketing, consumer data, Direct Marketing Association, privacy, research