66% of consumers would prioritise privacy over price now

This report was released in conjunction with the GDPR's 1st anniversary. (Source: PxHere)

A new report by SAI Global shows that the number of consumers aware of issues such as privacy, and who value them in their buying choices, is on the rise. It indicates that 2/3 of these individuals surveyed would make a trade-off in favor of a brand known for user-privacy protection over another offering a lower price.

Deirdre O Donnell, 05/20/2019

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A new survey commissioned by SAI Global, a name in integrated risk management, shows that consumer awareness and vigilance about issues such as privacy, corporate responsibility and product quality is on the rise. It has found that 82% of the respondents in this study now research relevant businesses before making their buying choices.

In addition, 65% of these people ranked data privacy as the most important measure of corporate social responsibility. 60% of consumers said they would rather companies who breach their trust take responsibility for their actions rather than face financial penalties. SAI Global collected this data to compile an annual Reputation Trust Index report.

The group also now estimates that businesses run a risk of losing out on up to US$1 trillion in revenue should they fail to establish a reputation of reliability and transparency for their brands. For example, consumer trust in the content of labels was found to be faltering. SAI Global also now reports that consumers would be more concerned about financial-services data breaches compared to violations of food safety regulations.