Wealthy Consumers Wary of Surrendering Personal Data Online and In-Store

Mar 12, 2013 3:39 PM  By

Wealthy consumers are cautious in divulging personal information on ecommerce sites. The Luxury Institute surveyed U.S. consumers with a minimum income of $150,000 about their attitudes on privacy along with their experiences with companies collecting and handling personal data, according to a release by The Luxury Institute.

Sixty-eight percent of wealthy shoppers are inclined to divulge personal data to merchants online, while 75% report this is due to requirements for completing their transaction, according to the press release.

Only 24% of consumers indicate sharing their contact information during recent in-store experiences, according to the press release. Women are feeling more pressure from brands to provide personal details about themselves during their purchasing experiences.

Sixty-eight percent of consumers are most comfortable providing their email in-store with 78% of consumers providing email online. In addition, 46% of consumers say being familiar with a particular salesperson makes them more likely to give personal data while they shop in-store.

Wealthy shoppers, according to the survey want to be left alone. Eight-two percent of wealthy consumers have placed their phone numbers on do-not-call-list, 63% are saying they would do the same if there were a similar online registry for blocking the tracking their website activities. Half of the consumers have fully disabled or edited tracking on their browsers.

According to the press release, nearly 60% of wealthy shoppers or no control over their personal data once a company has it and 30% say the security of the data is extremely likely to be compromised.

In a recent article on MultichannelMerchant.com, Guy Mucklow, CEO of Postalcode Anywhere said in 2013 a lot of people are still uncomfortable buying things online. Recent research found that security was one of the top reasons for cart abandonment.

Mucklow said for someone to purchase from an ecommerce website, the consumer must trust the website they are buying from. If the merchant can’t build trust with the potential customer, there won’t be a sale.