Posted in Marketing and Strategy Terms, Total Reads: 443
Definition: Late Majority
Late majority can be referred to last large group of people to adopt any new product or technology. Analysts have estimated that the late majority are roughly 34% of the given population and adopt new technology only after majority of people have already assimilated it as a part of their daily life.
Members of this group are older and less educated as compared to other groups (except the laggards), have below-average socioeconomic status, and adapt to innovations only when forced. They are not influenced by advertising and depend majorly on word of mouth and recommendations from friends, neighbors, and relatives.
When smartphones came in 2009 and 2010, few people started adopting them (mostly young and tech savvy) but slowly smartphones became popular and now people who were unlikely buyers in the beginning have started to learn and buy smartphones. These people are late majority.