Macy’s has been rated the large multi-brand retailer that younger segments of American consumers aged 18-49, with household incomes above $75k, trust most to share their personal data. The innovative, new Data Trust Index (DTI), by Luxury Institute and DataLucent, measures the level of trust that digital consumers have in licensing their digital platform data (Google, Facebook, Instagram, etc.) and other personal data, to mass, premium and luxury brands in exchange for rewards and benefits. Kohl’s was rated very close to Macy’s while Nordstrom came in a distant third in a field of 12 multi-brand retailers. Men are more willing than women to trust Macy’s and Kohl’s with their data, while Nordstrom is nearly equally trusted by men and women who agree to license their data to the brand. Macy’s and Kohl’s, both mass brands, are evenly trusted across age and income categories while Nordstrom is trusted by more affluent consumers. Other well-known multi-brand luxury retailers have a major opportunity to earn greater trust, overall, across younger age and income segments.
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The DTI U.S. survey, the first of its kind, is based on a nationally representative sample of 1,008 consumers ages 18-49, with a minimum income of $75k (total sample average income of $200k), with 54% male and 48% female participation. Responders reported that YouTube (82%), Google (79%), Facebook (78%), Amazon (76%) and Instagram (75%) were the digital platforms used on a regular basis. On the most critical core question of the survey: 83% of all responders, including 89% male and 78% female, are willing to license their digital platform data, under their control, to brands they trust to use to serve their needs, and the needs of other consumers, in a personalized way.
The survey asked consumers to rate 12 multi-brand retailers across mass, premium and luxury segments. Consumers indicated which of the brands presented on a randomized list they would trust most to license their data for rewards and benefits of value to them. For convenience, here is the brand list in alphabetical order: Belk, Bergdorf Goodman, Bloomingdale’s, Dillard’s, Kohl’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Sephora, TJX Companies (HomeGoods, Marshalls, TJMaxx), and Ulta.
Luxury Institute and DataLucent will publish the top three brands in each category, as rated by consumers, yet does not make public their exact DTI scores, or the scores of the other brands rated. The DTI’s purpose is to inspire brands to earn more customer trust such that they can access the most descriptive and predictive data legally and ethically, directly from their valued customers and prospects, for fair value. The survey’s objective is to help brands to develop deeper, richer, mutually loyal first-party data relationships with customers and prospects. Rated brands can purchase their DTI data, and a benchmark vs. category competitors, as well as their data trust opportunity gap (DTOG). The data trust opportunity gap is a measure of their DTI score vs the 83% of consumers in the current survey who are willing to license their data. Upon request, can run a proprietary custom survey with their own customer base, across all customer segments, to determine customer data trust opportunity gaps. In the custom survey, consumers will be asked to share the key reasons why they rated the brand as they did. Please contact ksousa@luxuryinstitute.com for more information.
“We were surprised that the luxury multi-brand retailers scored lowest vs. more mainstream retailers,” said Milton Pedraza, Luxury Institute CEO and DataLucent Chairman. “It is clear the luxury multi-brand retailers need to do far more to gain the trust of younger, affluent consumers. Brands that can license their customers’ social and digital platform data can make far better predictions and recommendations across multiple categories that increase sales and reduce wastage and returns.”
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