Consumers Rate Macy's, Kohl's, and Nordstrom Top Three Most Data Trustworthy Large Multi-Brand Retailers

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Kohl's was rated very close to Macy's while Nordstrom came in a distant third in a field of 12 multi-brand retailers.

Metadata
Provider: 
PR NewswirePR Newswire
Retrieved on: 
Tuesday, October 12, 2021
Information
Tags: 
Xchange, APX, Twitter, Qualitative research, Man, Ulta, Income, DTI, Saks Fifth Avenue, Marshalls, Dillard's, Male, Bloomingdale's, TJX Companies, Macy, Kohl's, Female, Industry, Trust, Macy's, YouTube, TJ Maxx, Woman, Belk, Sephora, Knowledge, Love, The Luxury Institute, Ageing, HomeGoods, Overalls, Research, TJX, Neiman Marcus, Department store, Retail, Interior design
Geotags: 
NEW YORK
Organisation: 
LUXURY INSTITUTE, DATALUCENT
Website: 
http://LuxuryInstitute.com
Summary
Key Points: 
  • Kohl's was rated very close to Macy's while Nordstrom came in a distant third in a field of 12 multi-brand retailers.
  • 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.
  • DataLucent transforms and integrates data on behalf of consumers across networks to provide unparalleled customer and consumer insights to brands.


Consumers Rate Macy's, Kohl's, and Nordstrom Top Three Most Data Trustworthy Large Multi-Brand Retailers

NEW YORK, Oct. 12, 2021 /PRNewswire/ -- 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.

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 [email protected] 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."

About Luxury Institute     
Luxury Institute is the world's most trusted research, training, and elite business solutions partner for luxury and premium goods and services brands. With the largest global network of luxury executives and experts, Luxury Institute has the ability to provide its clients with high-performance, leading-edge solutions developed by the best, most successful minds in the industry. Over the last 18 years, Luxury Institute has served over 1,100 luxury and premium goods and services brands. Luxury Institute has conducted more quantitative and qualitative research with affluent, wealthy and uber-wealthy consumers than any other entity. This knowledge has led to the development of its scientifically proven high-performance, emotional intelligence-based education system, Luxcelerate, that dramatically improves brand culture and financial performance. Luxury Institute has also innovated the Advanced Personalization Xchange (APX), powered by DataLucent, to empower affluent consumers to license their digital platform data to premium and luxury brands they trust legally, securely and privately in exchange for fair value rewards and benefits.

To learn more about Luxury Institute, please contact us at LuxuryInstitute.com

About DataLucent 
DataLucent empowers consumers to access and share comprehensive, historical social media data with brands in return for rewards, benefits and personalization via a legal, ethical, secure, transparent and privacy-compliant process. DataLucent's patent-pending platform navigates consumers through the process of requesting, downloading and transferring personal data from Facebook, Twitter, Google and other consumer platforms, then provides real incentives for individuals to share data with companies they love and trust. DataLucent transforms and integrates data on behalf of consumers across networks to provide unparalleled customer and consumer insights to brands.

To learn more about DataLucent, please visit DataLucent.com

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SOURCE Luxury Institute

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