Luxury Institute meta-research from across the globe indicates that the post COVID-19 landscape for consumer brands, and especially for luxury goods and services brands, is a potential minefield due to rapidly escalating consumer concerns for personal data privacy. Consumers are becoming activists on many social issues, and all surveys conducted in 2019-2020 by credible institutions such as Pew, Ipsos and Microsoft clearly identify privacy as a sizzling hot issue across all demographics. Luxury Institute’s own 2020 global research shows that the affluent and wealthy globally share deep concerns for personal data issues. In the most recent survey conducted by Transcend, a data privacy infrastructure company, with 1,000 American consumers, a whopping 98% agree that data privacy is important in their lives. The results were similar across all demographics (98% males, 98% females, 95% Gen Z and Millennials, 99% Gen X, 99% Boomers). Income figures had a similar dispersion, dispelling the persistent myth that only older, wealthier people care about privacy. All segments of American consumers agree that data privacy will be even more critical in the next five years (94%). The pandemic has only accelerated those concerns.
In this podcast, Milton Pedraza, Luxury Institute CEO, shares the insights from the September 2020 white paper, Data Privacy Is A Brand Reputation Issue, Not A Compliance Issue.