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Millennials more likely than other adults to share personal information
If brands give something of value in return, Millennials are quite happy to share personal information, according to new research by Mintel.
Businesses that want to get personal information from Millennials - such as their mobile number or a link in to their social media profiles - should offer something in return, says Mintel.
The research found that while consumers do have concerns in light of recent NSA activity and data breaches such as that experienced by Target, 60% of Millennials would be willing to provide personal information and preferences to marketers, although 30% would want an incentive to do so, such as a gift card or money off.
This generation is far less sceptical and more comfortable with sharing this type of information than their elders, having grown up in the Information Age. However, while they are happy to share information such as email address, preferences and habits they are more protective of their mobile phone number and social media profile and incentives may be needed to prompt them to offer up this valuable data.
Mintel found that Millennials were much more prone to oversharing than older generations, such as Baby Boomers, who are far more protective of their personal information.
"Millennials are predisposed to share their personal habits and contact information with marketers, but they do so only when the perceived benefits outweigh the risks," says Fiona O'Donnell, Mintel senior lifestyles and leisure analyst. "Given that their generation accounts for nearly a quarter of the population, the implications for businesses are tremendous, because as Millennials go, so goes the US economy."
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