The General Data Protection Regulation (GDPR) is set to come into effect from May 2018 – the biggest shake-up to data privacy in two decades – and yet 71% of consumers are still unaware of what it actually is, according to findings from Mindshare’s 2018 trends report.
The study highlights key consumer attitudes towards data and how brands use it. Of the 6,000 people surveyed, 80% said they would like more control over what brands do with their data but, in somewhat of a disconnect, 58% said they agree to terms and conditions without properly reading them, rising to 70% of 18-24s.
However, while 18-24 year olds are quick to surrender information about themselves without knowing what they are agreeing to, a quarter of this age group tape or cover their webcam/phone camera.
Consumers seem to like the idea of a value exchange, with 53% saying they would be willing to give away their data for a financial incentive or cash reward; however, 65% of respondents said while they know their data has value to companies, they are not sure how to use it to their advantage.
Meanwhile, in the battle of the tech giants, 38% of people said they would choose to give Amazon access to their data over Facebook, Google and Apple, rising to 48% of those over 65.
“Consents will be key in 2018, so work out what that acceptable data exchange with consumers is way in advance of GDPR,” Mindshare UK said.
“It is imperative that brands maintain transparency with consumers and offer them tangible benefits for supplying their data to help instill trust.”
