Two fifths (40%) of British consumers have become more anxious about personal data sharing in the last year, a global poll of 25,000 consumers carried out by KPMG International reveals.
UK consumers’ top concerns involved: hacking of their financial, medical, or other personal information (35%), theft of their credit card details while shopping online (32%) and tracking of their online shopping habits (29%).
Interestingly, UK consumers are especially nervous when it comes to social media. Globally, 37% of consumers don’t trust anyone with their social media data, while in the UK this rises to 60%.
Commenting on the findings and what it means for businesses looking to increase their customer insight, Adrian Clamp, UK head of customer advisory at KPMG, said:
“In light of recent data scandals and the increased demand for our data from a whole spectrum of businesses, it’s understandable that consumers are feeling increasingly anxious about data sharing. As we continue to embrace more technology in our daily lives, businesses need to be aware of the fact that greater customer insight must be earned, and the way to do that is through trust.
“What consumers’ require in return for their trust is really quite simple – they want transparency and honesty. Firms need to be open about why they want data, how they’ll use it and what value it brings to them.”
Linda Ellett, UK head of consumer markets at KPMG, adds:
“As we all spend more time looking at screens, retailers and others on tight margins are looking to find value in the data they hold. What we do on our smartphones, tablets and laptops offers valuable insights on our preferences, habits and crucially, our potential to spend money with them.
“Yet, as businesses get savvier, so do consumers and they are demanding more in return for their data. Just six percent of Brits told us they’d be willing to trade their data for a better customer experience; that is less than half the global average. To respond to a new, tech-driven, data-savvy customer, businesses need to give something genuinely valuable in return for a consumer’s data.”
* Today’s release preempts the publication of the 2018 Me, My Life, My Wallet report, part of KPMG Global’s Consumer Insights programme.
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Notes to Editors:
About KPMG’s Consumer Insights Program research
KPMG conducted an extensive, global study which included a survey of 19,655 consumers in the UK, US, Brazil, UAE, France, Canada, China and India. Further context was provided by an in-depth ethnographic interviews with consumers on the ground in these same eight countries. *A supplementary global survey of 4,900 consumers was conducted following the initial Global KPMG study.
In the coming weeks this will be followed by our annual 2018 “Me, my life, my wallet” report. This is a deep dive into the story of today’s consumer and the ways humans from every corner of the globe are both fiercely individual but also experiencing a world of technology convergence and changing cultural landscape – and what that means for how they earn, spend and save.
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.