I generally have knowledge of what sorts of goods and services are available for me to buy. I am told long before interesting new product offerings that they will be released.
On the other hand, I find it incredibly creepy when ads follow me around the web for something I searched for or looked at.
Then Tuesday Mark Zuckerberg testified before congress that many users would not like to see less relevant ads. I am very curious if there are groups of consumers out there who actually prefer the targeted ads, because I haven't met one and would like to hear why they feel that way.
Though I also find intense tracking creepy (but this is more ad stickiness / retargeting / remarketing than pure targeting).
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Marketer speaking now: reducing targeting also means that ads ROI will fall and it will probably reduce the number of companies able to afford media space. Economically speaking I think it is a problem to not leverage the data we have to help new businesses finding an audience.
To speak truth about this, if the point is about "selling data", targeting ads is not about selling data. It is about enabling advertisers to reach a "target". Saying I want people that are female between 20 and 30, does not mean that you will get their profiles in your inbox. They will just see your ads.