COVID-19 is already emerging as the defining event for today’s Gen Zs and Millennials. Cassandra, ENGINE’s youth & culture experts leveraged their knowledge of these generations to take the long view into how Covid-19 will impact Gen Z & Millennials, their values, their behaviors, and even how culture moves forward and evolves from this.
HOW DO WE FEEL ABOUT SHARING OUR DATA?
Data collection and monetization is a billion-dollar industry, and it’s only expected to grow. In fact, according to some reports, the big data industry is forecasted to be worth just under $300Bn by 2023. For many data monetization companies this is a dream. But what about the individual’s whose data is being collected and monetized? How do they feel?
I recently walked into a store and was served a digital coupon. Immediately upon entering, my phone pinged and there it was. To me, this was eerie. It made me feel like “big brother” was watching my every move (though in reality it’s actually big data). I told a younger colleague about it, but she disagreed. I tried to articulate how big data companies collect our Personally Identifiable Information (PII), storing and selling it to other companies. She rebutted, suggesting the collection of her data made her life more convenient, like the immediacy of a coupon pinging your phone when you enter a store, as opposed to having to take time to look for it beforehand.
My conversation made me wonder: Am I alone in distrusting the way big data collects my Personally Identifiable Information? Given my access to Engine’s CARAVAN omnibus services, I decided to launch a survey and find out.
Here’s what I found:
- Roughly ¾ of both men and women are equally concerned about PII
- Older cohorts (ages 55+), are significantly more concerned about PII than their younger (ages 18-34) counterparts
- Ironically, younger generations are willing to pay to keep their PII secure vs. Baby Boomers
- Households with kids are significantly more willing to pay to keep their PII secure vs. households without kids
- Men are more confident than women when sharing PII
- Younger aged (18-44) believe they know where their PII is being shared
The research validated my assumptions.
Nearly 75% of both men and women today are concerned about their PII misuse. Those 55+ are significantly more concerned than their younger counterparts (18-34). And Millennials, in particular, have much more confidence in their PII being secure.
While I’m currently not alone in my fear of the misuse of my Personably Identifiable Information, if the trends above continue, I one day could be. With the massive gap in generational attitude toward PII, it seems confidence in how one’s data is being used may stem from growing up with online tools. In fact, those aged 18-44 believe they know exactly where and how their PII is being shared and, comparatively to Baby Boomers, are more willing to pay to ensure its security. This would mean, as younger generations more fluently integrate their lives with technology, the fear of big data could potentially begin to dissipate even more. Alongside it, we may also see a massive spike in personal data security companies marketing to younger generations.
However the tides may turn, one thing is for sure, it will be interesting to see how the next fully immersed digital generation will react.
-Joe Mann, VP of Engine Insights
About the Survey:
This report presents the findings of a CARAVAN survey conducted by Engine among a sample of 1,003 adults comprising 501 men and 502 women 18 years of age and older.
The online omnibus study is conducted twice a week among a demographically representative U.S. sample of 1,000 adults 18 years of age and older. This survey was live on July 25-28, 2019.
Leading Digital and Tech Platforms Join Ad Council, White House, HHS and CDC to Address COVID-19 Crisis
NEW YORK, NY, March 25, 2020 – In response to the COVID-19 pandemic, the Ad Council, White House, U.S. Department of Health and Human Services (HHS) and Centers for Disease Control and Prevention (CDC) announced today that they are partnering with leading digital and technology platforms, including Amazon, Apple, EMX, Facebook, Google, SiriusXM and Pandora, Pinterest, Snapchat, TikTok, Twitter and Verizon Media, among others, to extend the reach and impact of critical COVID-19 response messaging.
At ENGINE, we have the real-time pulse of the consumer, today, and always. Throughout this pandemic we will be offering weekly insights from identifying important data points and trends from the voice of the consumer.
These Online CARAVAN® omnibus surveys were conducted March 13-15, March 16-17, and March 20-22, 2020. Approximately 1000 adults selected from opt-in panels were surveyed each time. The results are also weighted to U.S. Census data to be demographically representative.