Marcela Pinilla
Director of Sustainable Investing
Zevin Asset Management
Zevin Asset Management, together with Mercy Investment Services and Praxis Investment Management, with input from Open Mic has submitted a comment letter to the Federal Trade Commission calling for stronger protections against surveillance pricing. As long-term investors with holdings across retail and e-commerce companies, we have a direct stake in how companies use these tools and manage the risks they create.
Surveillance pricing uses personal data to set prices based on what a company believes an individual shopper is willing to pay. Two people can be shown different prices for the same item, based on information such as their location, browsing history, or shopping habits. The FTC calls this personalized pricing. We use the term surveillance pricing to emphasize the collection and use of shoppers’ personal data behind it. Retailers from grocers to apparel brands use it, often through third-party data vendors.
The FTC has proposed treating the practice as unfair or deceptive when companies don't disclose it. We support that step. Our letter asks the Commission to go further and set limits on how companies use personal data to set prices, since disclosure alone does not address the potential harm.
Knowing how a price was set does not necessarily give a shopper a meaningful choice. A family with only one nearby grocery store with electronic shelf labels may have little practical alternative to paying the price offered. Location and browsing data can also stand in for race and income. One 2025 report found a test-prep company charging higher prices in zip codes with large Asian populations, and rideshare pricing that charged more for trips to predominantly non-white neighborhoods.
For us as shareholders, the harder problem is visibility. Companies may rely on outside pricing vendors without giving investors enough information to understand what data is used, how prices are determined, or what safeguards are in place. That makes it harder to assess potential regulatory, legal, and reputational risks.
Maryland and Connecticut have already restricted personal-data pricing for groceries, and Seattle's council voted to ban it. One federal standard would give companies, and the investors who own them, clearer rules than a different law in every state, while also providing protection for consumers.
Download the full comment letter (PDF)
View the letter on the FTC's public docket
Read more about our engagement work in our latest Impact Update
Disclosures: Registration with the SEC should not be construed as an endorsement or an indicator of investment skill, acumen or experience. Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal. This communication is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Nothing in this communication is intended to be or should be construed as individualized investment advice. All content is of a general nature and solely for educational, informational and illustrative purposes. This communication may include opinions and forward-looking statements. All statements other than statements of historical fact are opinions and/or forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” and “expect”). Although we believe that the beliefs and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such beliefs and expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those discussed in such forward-looking statements. All expressions of opinion are subject to change. You are cautioned not to place undue reliance on these forward-looking statements. Any dated information is published as of its date only. Dated and forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any dated or forward-looking statements.