What is ‘Late Majority’
The last sizable segment of a population to adopt an innovative technology. The late majority accounts for roughly 34% of the population, and will adopt a new product only after seeing that the majority of the population already has. People in this segment are typically older, less affluent and less educated than segments that more readily adopt innovating products.
Explaining ‘Late Majority’
Populations in innovation adoption are broken into five primary segments: innovators (the first to adopt an innovation), early adopters, early majority, late majority and laggards. Companies evaluate how their products will fare by taking into account the time it will take for more than 50% of the market to adopt a new product. It may take a long time for the majority to adopt groundbreaking products.
Further Reading
- Reasons for withdrawal from higher vocational education. A comparison of ethnic minority and majority non‐completers – www.tandfonline.com [PDF]
- The influence of financial incentives and other socio-economic factors on electric vehicle adoption – www.sciencedirect.com [PDF]
- A dissent from the majority report of the financial crisis inquiry commission – www.worldscientific.com [PDF]
- Americans' financial capability – www.nber.org [PDF]
- Another 'missing middle'? The marginalised majority of tertiary-educated youth in Portugal during the economic crisis – www.tandfonline.com [PDF]
- Why don't people insure late-life consumption? A framing explanation of the under-annuitization puzzle – pubs.aeaweb.org [PDF]
