What is Late Majority?
Late majority refers to the last large group of people to adopt a new product or technology.
How Does Late Majority Work?
Analysts estimate that the late majority, roughly 34% of a given population, adopts new technology only after the majority of the population has fully assimilated it as a part of daily life.
For example, the internet was first used in the mid-1990s only by people who had access to and were familiar with personal computers. By the 2000s, the internet had revolutionized communication (for example, VoIP, email, and instant messaging), access to banking and financial services, and mass media (for example, journalism, newspapers, and television). The late majority, previously unfamiliar with computers and the internet, has only recently adopted computer skills after realizing the technology's impact on society at large.
Why Does Late Majority Matter?
Late majority are one of five types of consumers (the others are innovators, early adopters, early majority, and laggards) along the "Diffusion of Innovations Curve" pioneered by Everett Rogers. Rogers stated that 2.5% of those who adopt a new technology do so very early (the innovators); the early adopters represent the next 13.5% of consumers; the early majority (34% of the adopters) come next; the late majority (another 34% of the adopters) come next; and the laggards (16% of the adopters) are the last to try the technology.
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.
Read This Next
My cousin's a smart guy. When he was ready to upgrade to a different home, he didn't attend open houses or look in the classifieds. He didn't even ask a...Read More →
My clients didn't believe me when I said they could make an extra $10,000 a year, right away. "Kate, we don't want to work harder. We're close to...Read More →
Peter Lynch, in his heyday with Fidelity Magellan Fund (Nasdaq: FMAGX), took a remarkably powerful yet simple...Read More →